Illinois just passed a tax specifically targeting digital asset trades — but here's the kicker: the exact same trade using traditional assets? Not taxed.
Two crypto trade groups filed a lawsuit yesterday to challenge this. The core issue isn't just about crypto vs stocks. It's about whether a state can selectively tax an activity purely based on the underlying technology.
If this holds up, it sets a precedent: governments can create parallel tax structures that discriminate based on tech stack rather than economic substance. That's the part that matters long-term — not just for crypto, but for how any emerging tech gets treated by regulators going forward.
Two crypto trade groups filed a lawsuit yesterday to challenge this. The core issue isn't just about crypto vs stocks. It's about whether a state can selectively tax an activity purely based on the underlying technology.
If this holds up, it sets a precedent: governments can create parallel tax structures that discriminate based on tech stack rather than economic substance. That's the part that matters long-term — not just for crypto, but for how any emerging tech gets treated by regulators going forward.