Crypto industry lobbyists and representatives are speaking out against the Digital Asset Tax Act passed into law in Illinois on Tuesday.
The Block•Daniel Kuhn17 Jun
Illinois has approved a new 0.2% tax on crypto transactions that state officials estimate could generate up to $60 million annually, prompting public criticism from Strategy co-founder Michael Saylor and several industry groups. In a June 17 X post, Saylor…
Critics say the Illinois transaction-level tax could deal severe consequences to the crypto industry and consumers in the state.
Illinois Governor JB Pritzker has signed SB 3019, the Digital Asset Privilege Tax Act, making the state the first in the country to impose a transaction-based tax on everyday digital-asset activity. The Crypto Council for Innovation is pushing for a line-item veto of Article 3.
The Defiant•The Defiant Team17 Jun
CoinDesk•Nikhilesh De17 Jun
Illinois has signed a budget package containing a new digital asset broker transaction tax, drawing sharp criticism from crypto industry groups.
NewsBTC•NewsBTC Editorial Team17 Jun
Illinois Governor JB Pritzker signed Senate Bill 3019 on Tuesday, enacting a 0.2% tax on crypto transactions. The decision drew immediate criticism from crypto advocates who pushed him to strike the provision. The measure is projected to generate more than $800 million in additional tax revenue to help fund the state’s $55.9 billion fiscal 2027
BeInCrypto•Kamina Bashir17 JunCrypto leaders warned the new crypto tax laws will push investors and builders elsewhere.
AMBCrypto•Benjamin Njiri17 JunWoodward Inc. Loves Park, Illinois, was awarded a $74,618,299 firm-fixed-price, indefinite-delivery contract for the overhaul and upgrade of the common hydro mechanical unit for the T700 engine on UH-60 and AH-64 aircraft. Work locations and funding will be determined with each order, with an estimated completion date of April 26, 2029. Aviation Maintenance Enterprise, Logistics
Industry groups, including the Crypto Council for Innovation (CCI), have vehemently condemned the new Illinois legislation as the "most anti-crypto law in the U.S."
U.Today•Alex Dovbnya17 Jun
Gov. JB Pritzker signs 0.2% digital asset tax into Illinois’ $55.9B budget, drawing industry warnings over users, brokers, and remote firms.
“There is effectively no comparable state financial transaction tax on stocks, bonds or derivatives anywhere in the country,” said a16z general counsel Miles Jennings.
Cointelegraph•Martin Young17 JunA century ago, Chicago Executive Airport (PWK) began operations just 18 miles northwest of Chicago, Illinois. To be precise, what opened up that year was Gauthier’s Flying Field. And it [...]
Business Airport International•James Careless16 Jun
Illinois' digital asset tax may drive crypto businesses to relocate, stifle innovation, and face legal challenges, impacting the state's economy.
CryptoBriefing•Editorial Team14 Jun
The US Senate voted unanimously to ban prediction market trading among Senators and their staffers on Thursday. The Senate joined several other organisations that have banned employees from trading on the platforms to avoid conflicts of interest. Last week, Illinois Governor JB Pritzker banned state employees from using insider information to bet on prediction markets. A day earlier, National Public Radio issued a similar directive to its editorial employees. "Serving in Congress is an honor, not a side hustle," Senator Bernie Moreno, a Republican from Ohio and the bill's sponsor, said in a statement on X. "Americans deserve to know that their leaders are here for the right reason!" The resolution approved by senators on Thursday changes the chamber's rules, and violations are policed by its members. It does not have the force of law, and it does not need to be approved by the House of Representatives or signed by the president. The resolution comes as bills to regulate prediction markets flood Congress. Ritchie Torres, a New York Representative, presented the Public Integrity in Financial Prediction Markets Act of 2026 in January to block federal officials from trading on prediction markets. In March, Democratic senators Jeff Merkley and Amy Klobuchar filed a bill to formally prohibit senior members of the executive branch from trading on prediction markets. A bipartisan bill from Representatives Blake Moore of Utah and Salud Carbajal of California aims to rein in insider trading involving sensitive military secrets and democratic processes. Other bills seek to ban prediction markets' ability to offer sports betting or bets that reference terrorism, assassination, war or the death of an individual. Lawmakers began to scrutinise prediction markets after anonymous bettors began making successful, lucrative trades just moments before major announcements, raising suspicion that insiders were profiting off nonpublic information. Last week, the US Department of Justice charged someone with doing just that. Prosecutors alleged US Army Special Forces Master Sergeant Gannon Ken Van Dyke used knowledge of the ouster of Venezuelan President Nicolás Maduro to profit from several markets on Polymarket. Van Dyke, 38, was involved in planning and executing Maduro’s removal, known as Operation Absolute Resolve. He allegedly made more than $404,000 in illicit profits, according to a separate, civil complaint from the Commodity Futures Trading Commission. Earlier this month, US Senator Richard Blumenthal accused Polymarket of letting users profit off of national security secrets and slammed it for opening a market that let users bet on the rescue of a US soldier stranded in Iran. “Polymarket operates in full compliance with applicable law, and our insider trading rules are the exact lines that the CFTC and courts draw for derivatives markets,” Olivia Chalos, Polymarket’s deputy chief legal officer, wrote in response on X. She added that the platform shares Blumenthal’s “commitment to national security and market integrity.” Aleks Gilbert is DL News ’ New York-based DeFi Correspondent. Reach out to him with tips at aleks@dlnews.com .