Illinois State Leader Decides to Fight Cryptocurrency Fraud
The Governor of the US state of Illinois, Democrat J. Robert Pritzker, has declared war on the cryptocurrency fraternity and the country’s President Donald Trump.
On August 18, Pritzker signed two executive orders tightening controls over the circulation of digital assets in the region. Specifically, these regulations require cryptocurrency companies and exchanges to:
- Ensure the stability of your financial situation;
- Apply effective measures to combat hackers and fraudsters;
- Disclose information about investments received;
- Provide services that meet the quality standards applicable to traditional financial services.
While Trump allows cryptocurrency mobsters to write federal laws, Illinois is taking reasonable steps to protect investors and consumers. As fraud schemes evolve and risk mitigation mechanisms become less effective at the federal level, Illinois is sending a clear message that we will not tolerate those who seek to take our state residents’ hard-earned money, Pritzker said.
Jay Robert Pritzker
In addition to additional requirements for crypto firms, Jay capped the maximum permissible commission to 18% for transactions made using crypto ATMs and kiosks, and capped the amount of a single transaction at $2,500 for new customers. Thus, the governor’s policy runs counter to Trump’s course of deregulating the digital asset industry in favor of businessmen who threaten the well-being of ordinary Americans.
