Illinois just dropped draft rules for their 0.2% crypto tax
Here's what matters:
• Stablecoins = taxable (yes, even $USDT/$USDC swaps)
• NFTs = exempt
• Most DeFi txns = exempt UNLESS the protocol charges fees
So if you're farming on protocols with no direct fees, you're clear. But CEX-style stablecoin trading? They're coming for that 0.2%.
Not huge, but sets a precedent. Watch other states copy this playbook.
Here's what matters:
• Stablecoins = taxable (yes, even $USDT/$USDC swaps)
• NFTs = exempt
• Most DeFi txns = exempt UNLESS the protocol charges fees
So if you're farming on protocols with no direct fees, you're clear. But CEX-style stablecoin trading? They're coming for that 0.2%.
Not huge, but sets a precedent. Watch other states copy this playbook.
