Illinois Governor JB Pritzker criticized President Donald Trump for allowing crypto insiders to shape federal policy, saying the approach puts investors at risk.
In an Aug. 18 post on X, Pritzker contrasted Trump’s approach to his state’s commitment to structured, investor-focused regulations.
According to him:
Illinois crypto legislation
The governor’s statement coincided with the enactment of two landmark laws regulating digital assets in the state.
The first, the Digital Assets and Consumer Protection Act (SB1797), authorizes the Department of Financial and Professional Regulation (DFPR) to oversee digital asset businesses in the state.
The law establishes clear operational standards, covering areas such as customer protections, custody of digital assets, registration, compliance, supervision, and enforcement procedures. It also grants the DFPR rulemaking authority and outlines methods for addressing violations.
The second, the Digital Asset Kiosk Act (SB2319), specifically regulates crypto ATMs. The legislation requires operators to provide customers with transaction receipts, disclose terms, and maintain live customer service.
It also mandates robust anti-fraud measures, enhanced due diligence, compliance policies, and the use of blockchain analytics to prevent transactions linked to illicit activity.
Additionally, crypto ATM operators must designate compliance and consumer protection officers, report kiosk locations quarterly, and obtain a money transmitter license.
Crypto leaders push back
Despite the regulatory achievements, Pritzker’s comment on Trump drew swift backlash from major crypto stakeholders.
Coinbase Chief Policy Officer Faryar Shirzad questioned the governor’s portrayal of federal lawmakers as crypto bros, noting that dozens of House and Senate Democrats supported crypto legislation such as the GENIUS and CLARITY Acts.
He added:
Paul Grewal, Coinbase Chief Legal Officer, echoed this critique, describing the governor’s remarks as “uninformed.”
Grewal also pointed out that respected Democratic lawmakers like Senator Gillibrand and Representative Ritchie contributed to the legislation that Pritzker was criticizing.
Meanwhile, Austin Campbell, founder of Zero Knowledge Group, explained that the GENIUS Act builds on financial reforms initiated by the Federal Reserve and CFTC after the 2008 crisis.
According to him, this reflects a long-term regulatory strategy rather than insider influence.
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Source: https://cryptoslate.com/trump-blasted-for-bro-culture-as-illinois-governor-enacts-tough-crypto-rules-shaking-state-industry/
