Gov. JB Pritzker signed two bills into law Monday to create a clear regulatory system for cryptocurrency and other digital assets.

SPRINGFIELD, Ill. (WAND) — Gov. JB Pritzker signed two bills into law Monday to create a clear regulatory system for cryptocurrency and other digital assets. The bill action comes as the FBI recently reported that Illinois consumers lost over $270 million in crypto fraud cases last year.

Pritzker said the state is sending a clear message that crypto bros cannot take advantage of Illinoisans and their hard-earned assets.

All cryptocurrency operators will be required to register with the Illinois Department of Financial and Professional Regulation. 

One of the laws calls for new consumer protections for crypto users, including investment disclosures, customer asset safeguards and service standards. It will cap daily kiosk transactions at $2,500 for new customers and limit transaction fees to 18%.

The other law requires operators to be transparent about the risks involved with their products, services and virtual currency by providing disclosures for customers. It also calls for operators to provide a toll-free customer service line, establish anti-scam policies and have consumer protection officers enforcing the law.

"This has been a very highly negotiated bill with the industry, consumer advocates and with the agency," said Sen. Laura Ellman (D-Naperville). 

Operators will have the refund for fraudulent transactions for new customers and refund existing customers for the full amount of their transaction fees.

Although most Republicans opposed both laws, arguing that Illinois should follow regulations created by other states.

"Coinbase is, as far as I know, still in opposition to this bill," said Sen. Steve McClure (R-Springfield). "As far as this moment, are they the only opponent, and are they still opposed?"

Democrats said Coinbase is a great actor in the cryptocurrency industry, but the company was always going to oppose state-level regulations.

The consumer protection portions of the legislation took effect immediately. Cryptocurrency operators have to register with the state by July 1, 2027. 

"This is a monumental victory that prioritizes the financial safety and security of the people of Illinois, while also paving the way for a more transparent and accessible digital asset marketplace," said IDFPR Secretary Mario Treto Jr. 

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