Illinois Governor J.B. Pritzker has signed two landmark bills, SB 1797 and SB 2319, establishing the Midwest's first comprehensive regulatory framework for cryptocurrency and digital asset exchanges. The Digital Assets and Consumer Protection Act grants regulators authority over digital asset exchanges, mandates cybersecurity standards, requires financial reserves, and enforces anti-fraud protections and disclosures akin to those in traditional finance. The legislation also caps ATM withdrawal limits for new users at $2,500 per day and limits ATM fees to 18%. Governor Pritzker criticized federal crypto policy shaped by what he called "crypto bros," implicitly referencing former President Donald Trump’s administration. The new laws aim to protect investors and consumers from fraud and enhance oversight in the crypto sector. Separately, Illinois also strengthened its anti-SLAPP laws with SB 1181 to protect journalists from retaliation. Meanwhile, in Pennsylvania, lawmakers introduced House Bill 1812, which would prohibit public officials from owning Bitcoin or other cryptocurrencies, with penalties including fines and potential jail time.
As Trump continues to target members of the press, Illinois will protect and empower our journalists to keep the public informed. Today, I'm signing SB 1181 into law to strengthen anti-SLAPP legislation — the press don't have to fear retaliation for reporting the truth here.
JUST IN: Pennsylvania lawmakers introduce House Bill 1812, which would ban public officials from owning Bitcoin or crypto. Violations could bring fines or even jail time. https://t.co/KHXgPNhDAH
Illinois’ new Digital Assets & Consumer Protection Act is law, but more work remains. CCI welcomes progress that streamlined licensing & improved reg coordination. But, amendments are needed to ensure clarity for businesses, harmonization across states, & support for startups. https://t.co/ezMn5daqok