Illinois Governor Accuses Trump of Letting ‘Crypto Bros Write Federal Policy’
The Prairie State passed landmark legislation on Monday designed to regulate digital assets and crypto ATMs.
JB Pritzker Slams Trump’s Approach to Crypto Policy
Democratic Illinois Governor Jay Robert “JB” Pritzker signed two pieces of crypto legislation into law on Monday, then turned around and used the opportunity to slam U.S. President Donald Trump for catering to industry lobbyists.
“While the Trump Administration is letting crypto bros write federal policy, Illinois is implementing common-sense protections for investors and consumers,” Pritzker said.
The 60-year-old billionaire, whose family owns the $13 billion Hyatt Hotel Corporation (NYSE: H) and was once described as an “enormous” man who “doesn’t come off as particularly intellectual,” touted Illinois bills SB1797 and SB2319 as much-needed improvements in consumer protections.
The Digital Assets and Consumer Protection Act (SB1797) grants the Illinois Department of Financial and Professional Regulation (IDFPR) authority to regulate crypto businesses. The Digital Asset Kiosk Act (SB2319) places “new requirements” on companies operating crypto ATMs, including an 18% cap on fees and refunds to victims of scams.
Pritzker also ripped Trump for overturning the much-criticized crypto broker rule that would have allowed the Internal Revenue Service (IRS) to extend onerous reporting requirements to decentralized exchanges. He accused the president of blatantly prioritizing industry preferences and ignoring conflicts of interest.
“The Trump Administration has actively deregulated the crypto industry at a time when consumers are increasingly at risk of fraud,” Pritzker’s official press release states. “Federal legislation on digital assets has largely been driven by industry lobbying efforts.”
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