Illinois has introduced what crypto executive Miles Jennings calls 'one of the most anti-crypto laws in the US.'
The law, Digital Asset Privilege Tax Act, imposes a 0.2% tax on exchange, transfer, and custody of digital assets.
No exemptions are given for routine self-custody moves, according to Jennings.
Jennings, an Andreessen Horowitz crypto executive, argued that the law singles out digital assets for taxation based on technology rather than activity.