{"id":105399,"date":"2026-06-17T20:04:41","date_gmt":"2026-06-17T20:04:41","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=105399"},"modified":"2026-06-17T20:04:41","modified_gmt":"2026-06-17T20:04:41","slug":"illinois-passed-the-most-anti-crypto-law-in-the-us-miles-jennings","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=105399","title":{"rendered":"Illinois Passed the Most Anti-Crypto Law in the US: Miles Jennings"},"content":{"rendered":"
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Andreessen Horowitz crypto executive Miles Jennings criticized Illinois\u2019 newly enacted Digital Asset Privilege Tax Act on June 17, calling it \u201cone of the most anti-crypto laws in the US.\u201d<\/p>\n

The law imposes a 0.2% tax on the exchange, transfer, and custody of digital assets, with no meaningful exemptions for routine self-custody moves.<\/p>\n

Backlash From the Crypto Industry<\/h2>\n

According to Jennings, no other US state has a transaction-based tax on crypto like the one in Illinois, and there are no comparable levies on stocks, bonds, or derivatives anywhere else in the country.<\/p>\n

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\u2018That means crypto is being singled out in violation of several federal laws,\u201d he wrote.<\/p>\n<\/blockquote>\n

His comments<\/a> were in line with those made in a June 16 letter from the Crypto Council for Innovation (CCI) to Illinois Governor J.B Pritzker, requesting<\/a> that he veto the legislation. CCI had argued that the law places unique and disproportionate burdens on citizens simply by holding digital assets, thus potentially forcing users and entrepreneurs out of the state.<\/p>\n

The group was of the view that the measure will tax blockchain-based activity based on the technology used rather than the nature of the transaction itself. It also raised concerns about the manner in which the law had been passed, noting that affected stakeholders had not been given the chance to weigh in.<\/p>\n

On his part, Jennings accused Pritzker of poor timing, considering that Illinois had just adopted the Digital Asset and Consumer Protection Act, something he described as a \u201cconstructive approach to blockchain technology.\u201d<\/p>\n

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\u201cSo, 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,\u201d he argued.<\/p>\n<\/blockquote>\n

Tax Treatment Is a Growing Policy Battleground<\/h2>\n

The Illinois law comes at a time when the US Congress is working toward a national framework for crypto taxation, and CCI\u2019s letter had argued that Pritzker should have held off on his approach until federal standards were in place. It warned that the Prairie State\u2019s decision could lead to a \u201cpatchwork\u201d of crypto tax laws across the other 49 jurisdictions, which would only muddy the waters even more.<\/p>\n

That concern has some context. Earlier in the month, Coinbase vice president of tax Lawrence Zlatkin testified<\/a> before the House Ways and Means Committee, pushing for simpler federal crypto tax rules, including treating federally regulated stablecoins as equivalent to cash and creating de minimis exemptions for small transactions.<\/p>\n

The hearing covered six standalone bills aimed at updating how the US tax code treats digital assets, with Jennings\u2019 post on X giving a direct read on what\u2019s at stake:<\/p>\n

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\u201cWhen states adopt discriminatory, asset-specific taxes that drive builders and users elsewhere, we all lose.\u201d<\/p>\n<\/blockquote>\n

The post Illinois Passed the Most Anti-Crypto Law in the US: Miles Jennings<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Andreessen Horowitz crypto executive Miles Jennings criticized Illinois\u2019 newly enacted Digital Asset Privilege Tax Act on June 17, calling it \u201cone of the most anti-crypto laws in the US.\u201d The law imposes a 0.2% tax on the exchange, transfer, and custody of digital assets, with no meaningful exemptions for routine self-custody moves. Backlash From the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-105399","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/105399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=105399"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/105399\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=105399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=105399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=105399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}