Illinois Imposes 0.2% Tax on Crypto Transactions, Ignoring Industry Backlash

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2026-06-17 08:23:02

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Illinois Governor JB Pritzker has signed a $55.9 billion budget into law, introducing a 0.2% privilege tax on cryptocurrency transactions. The move, opposed by industry leaders, marks a significant shift in the state's digital asset landscape.

The Crypto Council for Innovation had urged a veto, arguing the tax unfairly targets digital assets and could drive innovation out of Illinois. Critics claim the measure singles out crypto due to its underlying technology, adding strain amid existing federal compliance efforts.

This decision may set a precedent for other states, potentially influencing broader regulatory trends. Market participants now face increased operational costs, with implications for both retail investors and blockchain startups.

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