Illinois Governor J.B. Pritzker recently signed a new law, SB 3019, that experts say is the strictest and harshest crypto regulation passed by any U.S. state so far.
As a researcher following this legislation, I’m hearing significant concerns from both industry professionals and legal scholars regarding Article 3 of the proposed “Digital Asset Privilege Tax Act.” They’re essentially raising a red flag about its potential implications.
A new law now includes a unique tax on cryptocurrency transactions – 0.2% of every transfer. This applies to all crypto activity, meaning even moving funds between your own wallets will be taxed, with no exceptions for personal use.
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“Like taxing emails”
The Crypto Council for Innovation is raising concerns that a new law in Illinois will significantly damage the state’s economy. They state that Governor Pritzker recently signed into law what they call the harshest digital asset tax in the nation. This law will place a heavy and unfair tax burden on Illinois residents who use cryptocurrencies and is expected to push businesses and innovators to leave the state.
As a crypto investor, I was really concerned to read the CCI’s statement about this new law. They’re pointing out that it unfairly singles out regular people like me who use crypto, while those in traditional finance aren’t held to the same standards. Basically, the CCI is saying the law doesn’t make allowances for the normal things crypto users do every day.
The new tax plan, some have likened it to taxing emails, would unfairly affect people just for using digital money or assets. The statement explains that taxing something based on *how* it’s done – like charging more because a transaction happens online instead of with cash – is similar to taxing someone for sending a letter by email instead of regular mail.
A “discriminatory” policy
As an analyst, I’ve been following this new legislation closely, and I see it as a significant risk to the foundations of decentralized systems. Miles Jennings, a leading crypto lawyer, shares that concern – he believes it poses a major threat to the infrastructure that supports these technologies.
He described the new law as one of the most restrictive concerning cryptocurrency in the United States. It imposes a tax on any activity involving digital assets – whether you’re buying Bitcoin, transferring it, or simply storing it on a platform like Coinbase, you’ll be required to pay a tax.
Jennings argues that the tax unfairly targets digital assets, likely breaking federal laws. He points out that no other state imposes a similar tax on traditional investments like stocks, bonds, or derivatives, meaning cryptocurrency is being singled out.
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2026-06-17 09:28