Illinois Bill Proposes 0.2% Tax on Crypto Transactions, A16z Crypto Counsel Criticizes Unequal Treatment

A16z Crypto legal counsel Miles Jennings criticized Illinois' proposed Digital Asset Privilege Tax Act, which would impose a 0.2% tax on cryptocurrency transactions. According to NS3.AI, Jennings said the proposal would treat crypto differently from other financial instruments such as stocks, bonds, and derivatives. He argued that the bill targets cryptocurrency transactions in a way that is not applied to those other asset classes.