Saylor Slams Illinois' New Crypto Tax as 'Big Mistake'

Michael Saylor has criticized Illinois' new tax on Bitcoin and crypto transactions. The 0.2% tax will take effect from next year, which sparked reactions from industry stakeholders.

Saylor, co-founder of Strategy, called the tax a 'big mistake.' His comments come as Congress works to establish a framework for taxing crypto transactions in the US.

The Illinois tax is not the only concern for the crypto community. The proposed regulations aim to standardize tax treatment across states and prevent tax evasion, but critics argue they will stifle innovation.