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The measures give state regulators oversight of exchanges and crypto ATMs, impose strict consumer safeguards, and respond to Illinois’ high ranking in crypto-related fraud losses. At the same time, former Ohio Senator Sherrod Brown, a vocal crypto critic who lost his seat in 2024 after heavy pro-crypto PAC spending, announced a comeback bid for the 2026 elections. His campaign will focus on workers’ rights and economic fairness.Illinois Challenges Trump on CryptoIllinois Governor JB Pritzker sharpened the divide in US crypto policy by using the signing of two new state bills to criticize President Donald Trump’s approach to digital assets. On Monday, Pritzker said the Trump Administration was allowing “crypto bros” to write federal policy, while Illinois was moving forward with what he described as “common-sense protections” for investors and consumers.The legislation from Illinois comes as states across the country adopt increasingly different approaches to crypto regulation. Republican-led states like Texas and Arizona embraced the industry, while Democratic strongholds like Illinois are tightening oversight. The first measure, the Digital Assets and Consumer Protection Act (SB 1797), gives the Illinois Department of Financial and Professional Regulation broad authority over digital asset exchanges and businesses operating in the state. Companies will now be required to maintain adequate financial reserves, adopt cybersecurity and anti-fraud protocols, provide investors with clear disclosures, and uphold customer service standards in line with those of traditional financial firms.A second measure, the Digital Asset Kiosk Act (SB 2319), focuses on cryptocurrency ATMs, which are a frequent entry point for retail investors and a hotspot for fraud. The law requires operators to register with state regulators, cap transaction fees at 18%, refund scam victims in full, and limit daily transactions for new customers to $2,500. The legislation responds to rising fraud cases. The FBI actually reported that Illinois ranked fifth nationwide in crypto-related losses in 2024. Representative Edgar Gonzalez Jr., who backed the bill, said that Illinois residents deserve reliable safeguards regardless of the financial service they use.Top 10 states by losses (Source: FBI)Pritzker’s office extended its criticism of Trump, and accused his administration of “actively deregulating” the industry at a time of heightened consumer risk. They pointed specifically to Trump’s April approval of a measure overturning an IRS rule that would have expanded the definition of a broker to include decentralized finance platforms. Meanwhile, Illinois lawmakers have shown very little appetite for embracing crypto at the state level. A proposal to establish a strategic Bitcoin reserve for the state treasury was quickly blocked in committee, while other states pursued Bitcoin adoption.Sherrod Brown Plots Senate ComebackMeanwhile, former Ohio Senator Sherrod Brown is preparing a political comeback. He announced on Saturday that he will run for Republican Senator Jon Husted’s seat in the 2026 midterm elections. Brown lost his Senate seat in 2024 to Republican Bernie Moreno in one of the most expensive races in Ohio’s history. He did not plan to run again but felt compelled by what he sees as a government working for the rich at the expense of workers.Brown served as one of Ohio’s senators from 2007 to 2025 and chaired the Senate Banking Committee for four years, during which he was an outspoken advocate for stronger crypto regulations in the wake of the FTX collapse. His 2024 defeat came after pro-crypto PACs, particularly Defend American Jobs — affiliated with Fairshake and backed heavily by Coinbase and Ripple Labs — poured more than $40 million into supporting Moreno. Overall, almost half a billion dollars was spent on the contest.Fairshake and its affiliates have since become major players in Washington after spending over $131 million in the 2024 elections. It also plans to shape races across the country with a reported $141 million war chest for 2026. Since Brown’s departure, Republicans have maintained control of Congress, with President Donald Trump signing the GENIUS Act into law in July to regulate payment stablecoins. Other bills on crypto market structure and central bank digital currencies are pending in the Senate. Before leaving office, Brown warned that Trump’s administration was opening government to corporate interests and urged vigilance on both AI and crypto policy.Brown’s focus in his new campaign will be on workers’ rights, healthcare costs, and concerns about the government’s direction under Trump. When asked about his stance on crypto, he said that his goal was to ensure that as digital assets become more common, they expand opportunities without putting Ohioans at risk.Early polling from February suggested Husted held a six-point lead over Brown in a hypothetical matchup. Husted was appointed to the Senate after JD Vance’s resignation to serve as vice president, and will face voters in a special election in November 2026, one of 35 Senate races to be decided that year.The measures give state regulators oversight of exchanges and crypto ATMs, impose strict consumer safeguards, and respond to Illinois’ high ranking in crypto-related fraud losses. At the same time, former Ohio Senator Sherrod Brown, a vocal crypto critic who lost his seat in 2024 after heavy pro-crypto PAC spending, announced a comeback bid for the 2026 elections. His campaign will focus on workers’ rights and economic fairness.Illinois Challenges Trump on CryptoIllinois Governor JB Pritzker sharpened the divide in US crypto policy by using the signing of two new state bills to criticize President Donald Trump’s approach to digital assets. On Monday, Pritzker said the Trump Administration was allowing “crypto bros” to write federal policy, while Illinois was moving forward with what he described as “common-sense protections” for investors and consumers.The legislation from Illinois comes as states across the country adopt increasingly different approaches to crypto regulation. Republican-led states like Texas and Arizona embraced the industry, while Democratic strongholds like Illinois are tightening oversight. The first measure, the Digital Assets and Consumer Protection Act (SB 1797), gives the Illinois Department of Financial and Professional Regulation broad authority over digital asset exchanges and businesses operating in the state. Companies will now be required to maintain adequate financial reserves, adopt cybersecurity and anti-fraud protocols, provide investors with clear disclosures, and uphold customer service standards in line with those of traditional financial firms.A second measure, the Digital Asset Kiosk Act (SB 2319), focuses on cryptocurrency ATMs, which are a frequent entry point for retail investors and a hotspot for fraud. The law requires operators to register with state regulators, cap transaction fees at 18%, refund scam victims in full, and limit daily transactions for new customers to $2,500. The legislation responds to rising fraud cases. The FBI actually reported that Illinois ranked fifth nationwide in crypto-related losses in 2024. Representative Edgar Gonzalez Jr., who backed the bill, said that Illinois residents deserve reliable safeguards regardless of the financial service they use.Top 10 states by losses (Source: FBI)Pritzker’s office extended its criticism of Trump, and accused his administration of “actively deregulating” the industry at a time of heightened consumer risk. They pointed specifically to Trump’s April approval of a measure overturning an IRS rule that would have expanded the definition of a broker to include decentralized finance platforms. Meanwhile, Illinois lawmakers have shown very little appetite for embracing crypto at the state level. A proposal to establish a strategic Bitcoin reserve for the state treasury was quickly blocked in committee, while other states pursued Bitcoin adoption.Sherrod Brown Plots Senate ComebackMeanwhile, former Ohio Senator Sherrod Brown is preparing a political comeback. He announced on Saturday that he will run for Republican Senator Jon Husted’s seat in the 2026 midterm elections. Brown lost his Senate seat in 2024 to Republican Bernie Moreno in one of the most expensive races in Ohio’s history. He did not plan to run again but felt compelled by what he sees as a government working for the rich at the expense of workers.Brown served as one of Ohio’s senators from 2007 to 2025 and chaired the Senate Banking Committee for four years, during which he was an outspoken advocate for stronger crypto regulations in the wake of the FTX collapse. His 2024 defeat came after pro-crypto PACs, particularly Defend American Jobs — affiliated with Fairshake and backed heavily by Coinbase and Ripple Labs — poured more than $40 million into supporting Moreno. Overall, almost half a billion dollars was spent on the contest.Fairshake and its affiliates have since become major players in Washington after spending over $131 million in the 2024 elections. It also plans to shape races across the country with a reported $141 million war chest for 2026. Since Brown’s departure, Republicans have maintained control of Congress, with President Donald Trump signing the GENIUS Act into law in July to regulate payment stablecoins. Other bills on crypto market structure and central bank digital currencies are pending in the Senate. Before leaving office, Brown warned that Trump’s administration was opening government to corporate interests and urged vigilance on both AI and crypto policy.Brown’s focus in his new campaign will be on workers’ rights, healthcare costs, and concerns about the government’s direction under Trump. When asked about his stance on crypto, he said that his goal was to ensure that as digital assets become more common, they expand opportunities without putting Ohioans at risk.Early polling from February suggested Husted held a six-point lead over Brown in a hypothetical matchup. Husted was appointed to the Senate after JD Vance’s resignation to serve as vice president, and will face voters in a special election in November 2026, one of 35 Senate races to be decided that year.

Illinois Governor Slams Trump While Rolling Out Crypto Laws

2025/08/19 17:00

Illinois Challenges Trump on Crypto

Illinois Governor JB Pritzker sharpened the divide in US crypto policy by using the signing of two new state bills to criticize President Donald Trump’s approach to digital assets. On Monday, Pritzker said the Trump Administration was allowing “crypto bros” to write federal policy, while Illinois was moving forward with what he described as “common-sense protections” for investors and consumers.

The legislation from Illinois comes as states across the country adopt increasingly different approaches to crypto regulation. Republican-led states like Texas and Arizona embraced the industry, while Democratic strongholds like Illinois are tightening oversight.

The first measure, the Digital Assets and Consumer Protection Act (SB 1797), gives the Illinois Department of Financial and Professional Regulation broad authority over digital asset exchanges and businesses operating in the state. Companies will now be required to maintain adequate financial reserves, adopt cybersecurity and anti-fraud protocols, provide investors with clear disclosures, and uphold customer service standards in line with those of traditional financial firms.

A second measure, the Digital Asset Kiosk Act (SB 2319), focuses on cryptocurrency ATMs, which are a frequent entry point for retail investors and a hotspot for fraud. The law requires operators to register with state regulators, cap transaction fees at 18%, refund scam victims in full, and limit daily transactions for new customers to $2,500.

The legislation responds to rising fraud cases. The FBI actually reported that Illinois ranked fifth nationwide in crypto-related losses in 2024. Representative Edgar Gonzalez Jr., who backed the bill, said that Illinois residents deserve reliable safeguards regardless of the financial service they use.

Top 10 states by losses (Source: FBI)

Pritzker’s office extended its criticism of Trump, and accused his administration of “actively deregulating” the industry at a time of heightened consumer risk. They pointed specifically to Trump’s April approval of a measure overturning an IRS rule that would have expanded the definition of a broker to include decentralized finance platforms.

Meanwhile, Illinois lawmakers have shown very little appetite for embracing crypto at the state level. A proposal to establish a strategic Bitcoin reserve for the state treasury was quickly blocked in committee, while other states pursued Bitcoin adoption.

Sherrod Brown Plots Senate Comeback

Meanwhile, former Ohio Senator Sherrod Brown is preparing a political comeback. He announced on Saturday that he will run for Republican Senator Jon Husted’s seat in the 2026 midterm elections.

Brown lost his Senate seat in 2024 to Republican Bernie Moreno in one of the most expensive races in Ohio’s history. He did not plan to run again but felt compelled by what he sees as a government working for the rich at the expense of workers.

Brown served as one of Ohio’s senators from 2007 to 2025 and chaired the Senate Banking Committee for four years, during which he was an outspoken advocate for stronger crypto regulations in the wake of the FTX collapse. His 2024 defeat came after pro-crypto PACs, particularly Defend American Jobs — affiliated with Fairshake and backed heavily by Coinbase and Ripple Labs — poured more than $40 million into supporting Moreno. Overall, almost half a billion dollars was spent on the contest.

Fairshake and its affiliates have since become major players in Washington after spending over $131 million in the 2024 elections. It also plans to shape races across the country with a reported $141 million war chest for 2026.

Since Brown’s departure, Republicans have maintained control of Congress, with President Donald Trump signing the GENIUS Act into law in July to regulate payment stablecoins. Other bills on crypto market structure and central bank digital currencies are pending in the Senate. Before leaving office, Brown warned that Trump’s administration was opening government to corporate interests and urged vigilance on both AI and crypto policy.

Brown’s focus in his new campaign will be on workers’ rights, healthcare costs, and concerns about the government’s direction under Trump. When asked about his stance on crypto, he said that his goal was to ensure that as digital assets become more common, they expand opportunities without putting Ohioans at risk.

Early polling from February suggested Husted held a six-point lead over Brown in a hypothetical matchup. Husted was appointed to the Senate after JD Vance’s resignation to serve as vice president, and will face voters in a special election in November 2026, one of 35 Senate races to be decided that year.

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