Illinois Passes Two Cryptocurrency Regulation Bills Covering Exchanges and Crypto ATMs

BlockBeats News, August 19th. Governor of Illinois JB Pritzker has signed the Digital Asset and Consumer Protection Act (SB 1797) and the Digital Asset ATM Act (SB 2319). The former authorizes the state's Department of Financial and Professional Regulation to regulate digital asset exchanges and related businesses, requiring them to maintain adequate financial resources and implement cybersecurity measures. The latter focuses on cryptocurrency ATMs, requiring operators to register, provide full refunds to fraud victims, cap transaction fees at 18%, and limit daily transactions for new users to $2500.