According to Techub News and reported by Decrypt, Illinois Governor J.B. Pritzker has signed the Digital Asset and Consumer Protection Act (SB1797) and the Digital Asset Self-Service Terminal Act (SB2319), granting state regulators oversight of encryption exchanges and Wallet providers, and requiring the establishment of anti-fraud measures and basic consumer service standards. The new regulations impose registration requirements on encryption ATM operators, set a maximum transaction fee of 18%, limit new users' daily transaction volume to $2500, and mandate full refunds to scammed users. There are currently about 1482 encryption ATMs in Illinois, a decrease compared to 2022. Governor Pritzker noted that this move aims to provide basic protections for investors in the absence of strong federal regulation.
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Illinois becomes the first state in the Midwest to sign a consumer protection bill for Crypto Assets.
According to Techub News and reported by Decrypt, Illinois Governor J.B. Pritzker has signed the Digital Asset and Consumer Protection Act (SB1797) and the Digital Asset Self-Service Terminal Act (SB2319), granting state regulators oversight of encryption exchanges and Wallet providers, and requiring the establishment of anti-fraud measures and basic consumer service standards. The new regulations impose registration requirements on encryption ATM operators, set a maximum transaction fee of 18%, limit new users' daily transaction volume to $2500, and mandate full refunds to scammed users. There are currently about 1482 encryption ATMs in Illinois, a decrease compared to 2022. Governor Pritzker noted that this move aims to provide basic protections for investors in the absence of strong federal regulation.