Michael Saylor Criticizes Illinois’ New Crypto Tax Legislation
- The Digital Asset Privilege Tax Act (DATA) imposes a 0.2% tax on crypto transactions, effective January 1, 2027.
- The legislation could generate up to $60 million for the state of Illinois.
- A 1.75% tax will also be applied to sports bets on prediction market platforms like Polymarket.
- The Crypto Council for Innovation (CCI) has urged Governor Pritzker to veto the law, citing potential harm to the state’s crypto industry.
- Concerns have been raised about the lack of exceptions for minor transactions and its alignment with traditional tax frameworks.
Saylor labeled the signing of this legislation as a “Big Mistake,” highlighting that it may disproportionately burden residents using digital assets and discourage innovation in Illinois.
With the new tax potentially raising $60 million, stakeholders fear it could drive builders out of the state and complicate everyday crypto transactions.(Source)
