Illinois Crypto Tax Sparks Industry Backlash as January 2027 Deadline Looms

Critics are speaking out against a new Illinois law that imposes a 0.2% tax on certain digital asset business activity.

The law, which is set to take effect on January 1, 2027, applies to firms based in Illinois or companies that provide digital asset services to Illinois residents with total gross receipts of at least $100,000.

Coinbase CEO Brian Armstrong and Strategy founder Michael Saylor have both expressed opposition to the law, with Armstrong calling it 'remarkably bad' and saying it would damage the state's business environment.