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Illinois enacts strict crypto laws, granting IDFPR oversight of exchanges and businesses. New rules cap kiosk fees at 18% and mandate refunds for first-time scam victims. Legislation underscores state-level political divides on digital asset regulation. Illinois has enacted two major new cryptocurrency laws, a move designed to crack down on fraud and bring stricter regulation to digital asset businesses. Governor JB Pritzker signed the legislation on Monday, framing the measures as necessary safeguards at a time of growing scams and limited federal action. While Trump lets crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers. Today, I’ve signed into law first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets. We won’t tolerate fraudsters. — Governor JB Pritzker (@GovPritzker) August 18, 2025 New Law Sets Strict Rules for Crypto Exchanges The first bill, the Digital Assets and Consumer Protection Act (SB 1797), creates a new regulatory framework that gives the state’s Department of Financial and Professional Regulation (IDFPR) direct authority over crypto exchanges. The measure requires firms to register with the department and comply with standards similar to those for traditional financial services. Related: Key Democrat Breaks Ranks, Urges Party to Pass Crypto Bills to End “Wild West” Under the new law, businesses must maintain sufficient financial resources, implement cybersecurity systems, and provide clear investment disclosures. The IDFPR is now empowered to supervise these companies and enforce asset safeguards. Digital asset firms have until July 1, 2027, to complete their registration. “At a time when fraudsters continue to advance and consumer protections are being eroded at the federal level, Illinois is sending a clear message,” Governor Pritzker stated. Crypto Kiosks Face New Fee Caps and Registration The second new law, SB 2319, specifically regulates cryptocurrency kiosks. Operators must now register with the state, disclose…

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Filed under: News - @ August 19, 2025 12:30 pm