- The authorities of the state of Illinois introduced a 0.2% tax on digital asset transactions.
- The new rules apply to companies that exchange, transfer, or store crypto assets for clients.
- Crypto industry representatives called the law discriminatory and do not rule out challenging it in court.
The state of Illinois has passed a law introducing a 0.2% tax on activities related to digital assets. Crypto industry representatives have already criticized the initiative, stating that it creates unequal conditions for crypto companies and may become the subject of lawsuits.
Under the law, every instance of exchange, transfer, or custodial storage of digital assets is subject to taxation if such services are provided as part of business activity or on behalf of a client.
The new requirements apply to companies registered in Illinois, as well as to providers that serve state residents and receive at least $100,000 in gross income from them. According to sources' estimates, the new tax could bring the budget about $60 million per year.
The law was passed at the last moment
CoinDesk, citing sources familiar with the legislative process, stated that the crypto tax provision was added to the large-scale budget bill literally just before its passage. Illinois Governor JB Pritzker signed the document on June 16.
The law forms the state budget for fiscal year 2027 of about $56 billion, and also provides for new taxes for other sectors, in particular fantasy sports and social networks, the statement says.
At the same time, experts draw attention to the broad wording of the document. In particular, New York University professor Austin Campbell noted that the law could potentially apply not only to crypto assets but also to certain forms of digital payments.
The industry is preparing resistance
In a letter to the governor, the Crypto Council for Innovation (CCI) organization stated that Illinois is effectively introducing a separate tax only for the digital asset sector.
"Unlike traditional taxation models, this law establishes a 0.2% tax on the everyday use of digital asset services — exchange, transfer, or custodial storage," the organization noted.
CCI emphasized that there are currently no similar taxes on transactions with stocks, bonds, or other financial instruments at the state level in the U.S.
The organization also asked the governor to apply a partial veto to the relevant provision of the law. At the same time, the legislative session has already ended, so the prospects for making changes remain uncertain for now.
According to sources, crypto industry representatives are already discussing the possibility of challenging the new law in court. So far no lawsuit has been officially filed, but it is the court process that is considered the most realistic way to revise the new rules.
Recall that in October 2025 the New York authorities proposed introducing a mining tax due to rising energy consumption.
Source: Incrypted
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