Every Zipp story tagged #Illinois, newest first.
Unlike most state levies on trading gains, Illinois's rule taxes gross value of every covered broker-handled digital asset event.
With three industry groups now aligned against the levy, the suit escalates from a state-budget line item into a precedent fight over digital asset taxation.
The complaint argues the 2027 levy is a sales tax applied to assets Illinois already classifies as non-possessory, double-taxing what the state itself has said does not exist as property.
The 0.2% levy takes effect in January and singles out blockchain infrastructure specifically. TDC's filing argues it violates the Commerce Clause, state uniformity rules, and the federal Internet Tax…
The 32-page complaint argues digital assets are being taxed because of the technology itself, not the economic substance, and asks a state court to halt the levy before it takes effect.
A 0.2% transaction levy due to take effect in January 2027 drew the ire of the federal derivatives chief, framing the state-level move as friction the industry will route around.
The platform argues the July 1 law will irreparably harm its federal-licensed operation, escalating a multi-front fight over who regulates sports-linked event contracts.
The levy hits every wallet move — not just sales — under SB3019, setting a precedent that, if it survives, could ripple into how other states and asset classes treat personal property.
SB3019 imposes a 2% levy on every digital-asset transaction from 2027, including self-custody wallet-to-wallet moves — a structural first among US states and a template other legislatures may copy.
The per-transaction levy lands on exchanges, wallet-to-wallet moves, and custody — a structural drag on retail activity in a state that already ranks among the larger US crypto markets.
The 0.2% Digital Asset Tax Act takes effect January 2027 and targets crypto brokers in a way no other state taxes stocks or bonds — industry lawyers say it will trigger geoblocking and capital flight.
The state sidesteps the federal capital-gains framework entirely — a per-transaction levy that hits rebalances, wallet moves, and DeFi swaps the same way it hits a profitable sale.
Pritzker signed the levy into law days after the crypto industry spent $10M backing the opposing candidate in the state's Democratic primary; with the legislature out of session, the most realistic…
Taking effect in 2027, the levy applies to every Bitcoin and crypto transaction — a structural drag critics say will push digital asset activity out of state.
The levy doesn't touch peer-to-peer transfers directly — but it taxes buying, holding, and storing digital assets alike, and a16z's Miles Jennings warns it could drive builders out of the state.
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