Illinois Governor Signs Budget Bill to Tax Cryptocurrency Transactions

According to a report by Cointelegraph, Techub News reports that Illinois Governor JB Pritzker signed a $55.9 billion state budget bill on Tuesday, formally establishing a 0.2% "privilege tax" on cryptocurrency transactions and requiring digital asset brokers to register and fulfill reporting obligations. This bill, part of the fiscal year 2027 budget, makes Illinois the first state in the U.S. to tax digital assets based on the transaction itself, rather than income or profit. The industry group Crypto Council for Innovation points out that such a transaction tax is unprecedented in traditional financial sectors such as stocks and bonds, and will increase the burden on residents and drive out innovative businesses.