Crypto industry aghast at Illinois' new tax on holding or transferring digital assets in state budget

The crypto community is up in arms over Illinois' unexpected 0.2% tax on any business activity involving digital assets, introduced last-minute into the state budget. This new levy, targeting both holding and transferring of digital currencies, is set to stay and could significantly impact the operations of crypto firms based in the state. With the industry already grappling with regulatory uncertainties, this tax could deter investment and innovation, raising concerns about Illinois becoming less attractive for crypto businesses compared to more crypto-friendly jurisdictions.