Illinois Implements Crypto Assets Protection Law ATM Transaction Limit of $2500

[Chain News] On August 19, it was reported that Illinois Governor J.B. Pritzker signed the Digital Asset and Consumer Protection Act (SB1797) and the Digital Asset Self-Service Terminal Act (SB2319), making Illinois the first state in the Midwest to implement comprehensive protections for cryptocurrency users. The new law grants state regulators the authority to oversee exchanges and Wallet providers, while requiring businesses to adopt cybersecurity and anti-fraud measures, and set consumer service standards.

In addition, SB2319 stipulates that cryptocurrency ATM operators must register, the transaction fee cap is 18%, new users have a daily transaction limit of $2,500, and full refunds must be provided to victims of fraud. Some provisions take effect immediately, and businesses must complete registration by July 1, 2027. The governor criticized the Trump administration for allowing the cryptocurrency industry to set federal policies and emphasized the importance of state legislation in protecting investors and consumers. Data shows that in 2024, residents of Illinois lost $272 million due to cryptocurrency fraud, with the number of related complaints ranking fifth in the nation.