“There is effectively no comparable state financial transaction tax on stocks, bonds or derivatives anywhere in the country,” said a16z general counsel Miles Jennings.
Illinois Governor JB Pritzker signed a $55.9 billion state budget bill into law on Tuesday, including a 0.2% “privilege tax” on crypto transactions, despite calls from crypto industry groups urging him to veto the provision.
In a letter addressed to Pritzker ahead of the signing on Tuesday, the Crypto Council for Innovation called for a “line-item veto” of Article 3 of Senate Bill 3019, a transaction tax that applies to all digital asset transactions on any registered platform under broadly termed “digital asset business activity.”
“This will create an unprecedented tax regime that disproportionately burdens Illinois residents for simply using digital assets and will drive innovation and builders out of the state,” CCI said on X on Tuesday.
