Key facts
- Illinois has implemented a new cryptocurrency tax law.
- Coinbase CEO Brian Armstrong has publicly criticized the law.
- Armstrong stated the law is "remarkably bad."
- He expressed concerns that the law will lead to job losses and drive innovation away from Illinois.
Coinbase CEO Brian Armstrong has voiced strong opposition to a new cryptocurrency tax law enacted in Illinois. Armstrong described the legislation as "remarkably bad" and issued a warning that it could have detrimental effects on the state's economy. He specifically stated that the law is likely to result in job losses and push technological innovation and businesses out of Illinois.