Illinois Enacts Stricter Crypto Oversight Laws for Exchanges and ATMs

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Illinois Governor JB Pritzker signed two bills into law on Monday, imposing tighter regulations on cryptocurrency businesses.

The Digital Assets and Consumer Protection Act (SB 1797) grants state regulators authority over crypto exchanges, requiring them to maintain financial stability, cybersecurity safeguards, and consumer disclosures similar to traditional finance.

A second law, the Digital Asset Kiosk Act (SB 2319), mandates registration for crypto ATM operators, enforces live customer support, and caps fees at 18% with a $2,500 daily limit for new users.

The move aligns with growing state-level efforts to rein in crypto risks while fostering industry accountability.