The Governor of Illinois Jay Robert Pritzker, belonging to the Democratic Party, signed two bills aimed at protecting cryptocurrency users from fraud.

The first initiative – the law on digital assets and the protection of consumer rights – is vested in the Department of Financial and Professional Regulation of Illinois by the authority to supervise exchanges and organizations working with digital assets. In April, this bill was adopted by the Senate Illinois. Crypto companies and exchanges are required to maintain the necessary level of financial support, implement measures to protect against cyber attacks and combat fraud, as well as disclose detailed information about investments and related risks. In addition, crypto companies are required to comply with customer service standards along with traditional financial organizations.

The Governor of Illinois also signed the Law on Cryptomats, according to which devices operators are obliged to register with state regulatory authorities and completely return the funds to the victims affected by cryptocurrency fraud. The bill also provides for the commission for transactions does not exceed 18%, and sets a limit of $ 2500 for daily transactions for new customers.

Protsker criticized US President Donald Trump, saying that he allowed the “crypt to the” Cryptobi “to determine the federal policy of regulation of the industry in the country. According to Okotck, this creates the conditions for the spread of fraud, so strict measures to protect investors and consumers are needed.

“Fraudsters continue to deceive gullible people, and the protection of consumer rights weakens at the federal level. Illinois gave a clear signal that we would not tolerate abuses in relation to our citizens and their money, earned by honest labor, ”said Protsker.

In 2023, a bill was submitted to the state of Illinois on the ban on the invariability of the blockchain, allowing to cancel transactions by court decision. The crypto community made fun of this initiative.