Illinois enacts two new consumer protection laws regulating digital assets
On August 18, Governor Pritzker of Illinois announced he had signed two comprehensive pieces of consumer protection legislation: The Digital Assets and Consumer Protection Act , which will regulate digital asset companies; and the Digital Asset Kiosks Act , which will regulate cryptoasset kiosk operators. In the press release, Governor Pritzker stated the laws “create first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets,” and noted that according to the FBI, Illinois consumers lost $272 million in fraud cases involving cryptocurrency in 2024. Digital Assets and Consumer Protection Act The Digital Assets and Consumer Protection Act establishes a framework to regulate digital assets in the state. The statute designates the Illinois Department of Financial and Professional Regulation (DFPR) as the primary regulator , granting it oversight authority of entities engaging in “digital asset business transactions,” which...