On Monday, the great state of Illinois passed groundbreaking legislation aimed at bringing order to the wild west of digital assets and crypto ATMs. Meanwhile, in the grand theater of Washington, one man continues to let the ‘crypto bros’ dictate the rules of the game.
Governor Pritzker Calls Out Trump’s Crypto “Friendship” with Lobbyists
Democratic Governor of Illinois, Jay Robert “JB” Pritzker, signed not one, but two bills into law this Monday, promising to regulate the chaos of crypto and protect Illinois consumers. But of course, this is just a cover for his chance to unload a verbal barrage at President Donald Trump, accusing him of giving lobbyists a seat at the policy-writing table.
“While Trump lets the crypto bros write the rules for federal policy, here in Illinois we’re putting common-sense protections in place for our investors and consumers,” Pritzker remarked, undoubtedly imagining himself as the noble knight battling dragons of crypto chaos.
Let’s not forget, Pritzker himself is no stranger to grand gestures-after all, he’s the 60-year-old billionaire heir to a $13 billion Hyatt fortune. With a public image as an “enormous” man who “doesn’t come off as particularly intellectual,” he nonetheless managed to sign off on SB1797 and SB2319, two pieces of legislation designed to safeguard consumers in the digital asset market. If you’re wondering what exactly these bills do-well, they aim to regulate crypto businesses and put some much-needed control over crypto ATMs. No more “wild west” ATM fees. Sorry, crypto cowboys.
The Digital Assets and Consumer Protection Act (SB1797) grants the Illinois Department of Financial and Professional Regulation (IDFPR) the power to regulate crypto businesses. Meanwhile, the Digital Asset Kiosk Act (SB2319) introduces an 18% cap on fees charged by crypto ATM operators and mandates refunds for scam victims. Phew, maybe Illinois has found a way to put the brakes on this runaway train.
Pritzker’s attack didn’t stop there. He also pointed a finger at Trump for signing away a rule that would have allowed the IRS to enforce stricter reporting requirements on decentralized exchanges, which sounds like a good idea-unless, of course, you’re one of the “crypto bros” who don’t want their coins scrutinized by the taxman.
“The Trump Administration has actively deregulated the crypto industry at a time when consumers are increasingly at risk of fraud,” Pritzker’s press release thundered. “Federal legislation on digital assets has largely been driven by industry lobbying efforts.” Sounds like a case of the foxes guarding the henhouse, doesn’t it? 🦊🐔
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2025-08-20 10:03