⚖️ DOJ, Wall Street and DeFi unite against Illinois' 0.2% crypto tax
An unusually broad coalition has filed briefs backing a lawsuit by the Crypto Council for Innovation and the Blockchain Association to strike down Illinois' Digital Asset Tax Act. The law puts a 0.2% levy on a digital asset's full value every time an Illinois customer trades, transfers or stores it through a broker, even with no sale or gain. On Nov. 6 the US Justice Department called it vague and discriminatory, while the US Chamber of Commerce and SIFMA warned it also hits traditional banks and custodians. A separate Nov. 11 brief led by the DeFi Education Fund, a16z, Paradigm and Uniswap argues it could even reach software developers. Illinois has paused the tax until July 1, 2027.
⭐ Illinois is home to an estimated 2.64 million crypto holders, and the ruling could decide whether other US states try similar per-transaction crypto taxes.
#Crypto #Regulation #Illinois #DeFi #Tax
An unusually broad coalition has filed briefs backing a lawsuit by the Crypto Council for Innovation and the Blockchain Association to strike down Illinois' Digital Asset Tax Act. The law puts a 0.2% levy on a digital asset's full value every time an Illinois customer trades, transfers or stores it through a broker, even with no sale or gain. On Nov. 6 the US Justice Department called it vague and discriminatory, while the US Chamber of Commerce and SIFMA warned it also hits traditional banks and custodians. A separate Nov. 11 brief led by the DeFi Education Fund, a16z, Paradigm and Uniswap argues it could even reach software developers. Illinois has paused the tax until July 1, 2027.
⭐ Illinois is home to an estimated 2.64 million crypto holders, and the ruling could decide whether other US states try similar per-transaction crypto taxes.
#Crypto #Regulation #Illinois #DeFi #Tax
