US DOJ and Crypto Industry Unite Against Illinois’ Digital Asset Tax 💸
The US Department of Justice, US Chamber of Commerce, SIFMA and several major crypto players are backing a lawsuit to overturn Illinois’ controversial digital asset tax. The law imposes a 0.2% tax on the full value of digital assets handled by brokers, even when users don’t sell or make any profit. Critics also warn that its vague wording could put developers and decentralised protocols at risk. Enforcement has been paused until July 2027 while the lawsuit continues.
In my opinion, taxing transactions based on their total value rather than actual profits is unreasonable. It could discourage crypto adoption and push businesses to operate in more crypto-friendly states. The fact that major industry players are joining forces against it shows how important this case could be for the future of crypto regulation in the US.
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The US Department of Justice, US Chamber of Commerce, SIFMA and several major crypto players are backing a lawsuit to overturn Illinois’ controversial digital asset tax. The law imposes a 0.2% tax on the full value of digital assets handled by brokers, even when users don’t sell or make any profit. Critics also warn that its vague wording could put developers and decentralised protocols at risk. Enforcement has been paused until July 2027 while the lawsuit continues.
In my opinion, taxing transactions based on their total value rather than actual profits is unreasonable. It could discourage crypto adoption and push businesses to operate in more crypto-friendly states. The fact that major industry players are joining forces against it shows how important this case could be for the future of crypto regulation in the US.
If you enjoy my content, feel free to follow me ❤️
#Binance
#crypto2026
