Aug 19, 09:00 AM

Illinois Governor Signs SB 1797 and SB 2319 Establishing Crypto Oversight with $2,500 ATM Limit, 18% Fee Cap, Criticizes Trump; Pennsylvania Proposes Crypto Ban

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.