Illinois Enacts Groundbreaking Crypto Consumer Protection Laws Amid $272M Fraud Crisis

Illinois has taken decisive action against cryptocurrency fraud with two landmark bills signed by Governor Pritzker. The Digital Assets and Consumer Protection Act establishes regulatory oversight while the Digital Asset Kiosk Act specifically targets scam prevention mechanisms.

The legislation comes as FBI data reveals Illinois consumers lost $272 million to crypto fraud in 2024 alone, making it the state's most prevalent financial crime. This Midwest-first regulatory framework emerges as federal protections weaken, with the Trump administration stripping IRS authority over decentralized crypto brokers.

"These protections address urgent vulnerabilities in our digital asset marketplace," stated IDFPR Secretary Mario Treto Jr. The laws create comprehensive safeguards at a time when national policy appears increasingly influenced by industry lobbying rather than consumer interests.