Trump’s ’Bro Culture’ Under Fire as Illinois Governor Slams Crypto Industry with Tough New Regulations

Illinois just dropped a regulatory bomb on crypto—and the industry's reeling.

The Governor's new rules target everything from exchanges to DeFi protocols, forcing compliance measures that many smaller operations can't afford. Trading volumes plummeted 40% within hours of the announcement.

Meanwhile, Trump faces fresh criticism for fostering what opponents call a 'toxic bro culture' that prioritizes hype over substance. His recent NFT venture—which critics labeled 'digital baseball cards for finance bros'—didn't help his case.

Industry insiders whisper about mass relocations to friendlier states while compliance costs skyrocket. One exec quipped, 'Guess we'll have to actually follow securities laws now—what a novel concept.'

Welcome to regulation, crypto—turns out free money trees do have guards.

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:

“The Democratic Party is making important strides to correct the mistakes of the ‘24 cycle. Adopting the Gary Gensler approach to crypto is bad policy and bad politics.”

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.