The Digital Chamber of Commerce is right to criticize; this bill is just a knee-jerk reaction— the 60 million tax revenue target is written plainly, but the communication process was skipped entirely. Web3 companies should hurry and move to Texas.

The Illinois State Legislature has passed the fiscal year 2027 budget bill, which includes a provision to impose a 0.2% tax on cryptocurrency transactions, with digital asset brokers responsible for collecting the tax.
The measure has been incorporated into the "Digital Asset Privilege Tax Act" amendment, which also includes registration requirements for digital asset brokers; if relevant brokers fail to comply starting January 1, it could constitute a Class 3 felony in Illinois.
The budget bill still requires signature from Governor JB Pritzker to take effect, and state lawmakers estimate that this tax could generate $60 million annually for the state.
Industry organizations such as the Digital Chamber of Commerce have strongly opposed this, stating that the proposal lacks industry consultation and could have a destructive impact on the industry.
(cointelegraph)