Illinois Enacts Landmark Cryptocurrency Regulations: Governor Pritzker Signs Digital Asset Laws

On August 19, COINOTAG News reported that Illinois Governor JB Pritzker has enacted the Digital Asset and Consumer Protection Act (SB 1797) alongside the Digital Asset ATM Act (SB 2319). The former serves to empower the state’s Department of Financial and Professional Regulation with the authority to oversee digital asset exchanges and their affiliates. These businesses will be mandated to sustain sufficient financial resources and apply stringent cybersecurity protocols. The latter legislation is directed at the operation of cryptocurrency ATMs, obligating operators to register, ensure full refunds to victims of fraud, and impose a transaction fee cap of 18%. Additionally, it restricts new users from exceeding daily transactions of $2,500, thereby enhancing consumer protection within the growing digital currency landscape.

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