Near-record OP_RETURN usage is driving a surge in low-value Bitcoin transactions, pushing Bitcoin network activity close to all-time highs despite muted price action.

Gov. JB Pritzker signs 0.2% digital asset tax into Illinois’ $55.9B budget, drawing industry warnings over users, brokers, and remote firms.

“There is effectively no comparable state financial transaction tax on stocks, bonds or derivatives anywhere in the country,” said a16z general counsel Miles Jennings.