In the shadowed halls of bureaucratic folly, Andreessen Horowitz’s crypto sage, Miles Jennings, has raised his voice against the latest monstrosity birthed by Illinois-the Digital Asset Privilege Tax Act. On June 17, he branded it “one of the most anti-crypto laws in the US,” a decree that echoes through the digital underworld like a funeral march for innovation.
This law, a 0.2% tax on the exchange, transfer, and custody of digital assets, is no mere levy-it is a shackle. No exemptions for the humble self-custody moves of the common man, only the cold embrace of fiscal tyranny. A tax so unique, so draconian, it stands alone in the annals of American greed.
The Crypto Industry Roars Back
Jennings, with the fervor of a revolutionary, declares that no other state dares to impose such a transaction-based tax on crypto. Stocks, bonds, derivatives-they roam free, while crypto is singled out, a martyr to the whims of lawmakers. “A violation of federal laws,” he proclaims, his words a beacon in the darkness.
‘That means crypto is being singled out in violation of several federal laws,’ he wrote, his pen dripping with sarcasm.
The Crypto Council for Innovation (CCI), in a letter to Governor J.B. Pritzker, pleaded for reason. They argued that this law is not just a tax, but a burden-a weight that may crush the very spirit of Illinois’ entrepreneurs and citizens. A law that taxes not the transaction, but the technology itself. A law passed in the dead of night, without the whispers of those it would affect.
Jennings, ever the provocateur, accused Pritzker of poor timing. Just as Illinois had embraced the Digital Asset and Consumer Protection Act, a glimmer of hope, it now wields the sword of taxation. “Punish its entrepreneurs and citizens,” he laments, his voice heavy with irony. “What a way to welcome the future!”
“So, rather than embracing innovation and the cost efficiencies blockchain can deliver for ordinary people in Illinois, the state is poised to punish its entrepreneurs and citizens that want to use crypto,” he argued, his words a mirror to absurdity.
Taxation: The New Battleground of Policy
As the US Congress grapples with a national framework for crypto taxation, Illinois has fired the first shot. CCI warned Pritzker to wait, to let federal standards take shape. But no, the Prairie State marches to its own drum, risking a “patchwork” of crypto tax laws across the land. A quilt of confusion, stitched with the threads of greed.
Earlier, Coinbase’s Lawrence Zlatkin stood before the House Ways and Means Committee, pleading for simplicity. Treat stablecoins as cash, he urged. Exempt the small transactions. But Illinois, ever the rebel, chooses chaos. Six bills aimed at updating the tax code, and yet, the state prefers its own brand of madness.
“When states adopt discriminatory, asset-specific taxes that drive builders and users elsewhere, we all lose,” Jennings posted on X, his words a lament for a future squandered.
And so, Illinois stands at the precipice, a beacon of bureaucratic brilliance. Will it be remembered as a pioneer of progress, or a tyrant of taxation? Only time will tell. But one thing is certain-the crypto world watches, and it does not forget.
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2026-06-17 22:53