Illinois says no to ‘crypto bro’ politics, signs two new bills originally appeared on TheStreet .

Illinois Governor JB Pritzker (D-IL) signed into law a first-of-its-kind framework for cryptocurrency and digital assets in the Midwest on August 19.

It comes at a time when more and more people are using digital assets.

Illinois Governor JB Pritzker has signed two landmark bills into law—The Digital Assets and Consumer Protection Act (SB1797) and The Digital Asset Kiosk Act (SB2319)—positioning Illinois as the first state in the Midwest with a comprehensive crypto regulation framework.

The legislation grants the Illinois Department of Financial and Professional Regulation (IDFPR) authority over crypto exchanges and digital asset businesses, bringing them under the same consumer protection standards as traditional financial services. Key provisions include mandatory financial safeguards, cybersecurity protocols, and fraud prevention systems. It also allows IDFPR to regulate how these companies operate, ensuring customers are protected from misleading practices, hacks, and asset mismanagement.

The second measure targets crypto ATMs, capping transaction fees at 18% and daily spending at $2,500 for new users while requiring operators to register with the state and issue refunds to fraud victims.

Pritzker framed the move as a rebuke to the federal government's lax crypto oversight, declaring Illinois won’t let “crypto bros” dictate the rules. With crypto fraud costing Illinois consumers $272 million in 2024 alone, officials say the bill provides necessary safeguards without stifling innovation. Businesses have until July 1, 2027 to register with the state, though some consumer protections take effect immediately.

Pritzker has been a long proponent of cryptocurrency's legitimacy. In 2021, he said , "The future of cryptocurrency is in Illinois," in a Facebook post.

Crypto community is offended

While the law puts Illinois in the position of regulatory leader in the space, it has received immediate backlash from cryptocurrency advocates over a comment.

Pritzker framed the legislation as a stark contrast to federal legislation under President Donald Trump, alleging that Washington has allowed "crypto bros" to shape national rules. While Trump lets crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers," Pritzker wrote on X. "We won't tolerate fraudsters."

Alex Thorne, Head of Firmwide Research for fintech and investment firm Galaxy Digital, wrote , “CLARITY passed the house with a veto-proof bipartisan majority. GENIUS passed both the house and senate with veto-proof bipartisan majorities.. doesn't look like 'crypto bros' to me".