Governor JB Pritzker of Illinois criticized President Donald Trump for allowing Crypto insiders to shape federal policy, and said that the approach is endangered investors.
In a post of 18 August on X, Pritzker contrasted the approach of Trump with the dedication of his state to structured, investor -oriented regulations.
According to him:
“While Trump lets Crypto-Bros write federal policy, Illinois implements common sense protection for investors and consumers. Nowadays I have signed the rights of the first of them in the Midwest for Cryptocurrency and other digital assets.”
Illinois Crypto legislation
The explanation of the governor coincided with the adoption of two historical laws that regulate digital assets in the state.
The first, the Digital Assets and Consumer Protection Act (SB1797), authorizes the Department of Financial and Professional Regulation (DFPR) to supervise digital asset companies in the state.
The law determines clear operational standards and covers areas such as customer protection, custody of digital assets, registration, compliance, supervision and enforcement procedures. It also grants the DFPR ruleraking Authority and outlines methods for tackling violations.
The second, the Digital Asset Kiosk Act (SB2319), regulates specific crypto money machines. The legislation requires that operators provide clients transaction vouchers, make conditions public and retain live customer service.
It is also mandatory robust anti-fraud measures, improved due diligence, compliance policy and the use of blockchain analyzes to prevent transactions linked to illegal activities.
In addition, Crypto ATM operators must designate compliance and consumer protection officers, report kioslocations quarterly and obtain a money channel license.
Crypto -Lijders push back
Despite the regulatory performance, Pritzker’s remark pulled on Trump Swift -refund of large crypto interests.
Coinbase Chief Policy Officer Faryar Shirzad interviewed the display of the governor of federal legislators as Crypto -Bros and noted that dozens of home and senate democrats supported crypto legislation such as the genius and clarity laws.
He added:
“The Democratic Party makes important steps to correct the mistakes of the ’24 cycle.
Paul Grewal, Coinbase Chief Legal Officer, repeated this criticism and described the Governor’s comments as ‘not -inspired’.
Grewal also pointed out that respected democratic legislators such as senator Gillibrand and representative Ritchie contributed to the legislation that Pritzker criticized.
In the meantime, Austin Campbell, founder of Zero Knowledge Group, explained that the Genius ACT builds on financial reforms initiated by the Federal Reserve and CFTC after the 2008 crisis.
According to him, this reflects a long-term regulating strategy instead of insider influence.