Bitcoin News
By Sydney TheCMO
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Miles Jennings and the Fairness Argument. Miles Jennings, general counsel at a major venture capital firm, has been among the most vocal…
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Legal Fights Probably Coming. The crypto industry isn't just complaining. It's looking at the courts.
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What This Means for Other States. Illinois is now a test case. No other U.S. state currently imposes a similar transaction-level tax…
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Illinois just did something no other U.S. state has done. Governor Emily Johnson signed legislation on June 17 imposing a 3% tax on cryptocurrency transactions conducted within…
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The law covers all crypto sales and exchanges happening inside Illinois. Every trade, every swap, every sale — taxed at 3%.
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It's a fair point. Crypto businesses already operate under a complex web of federal guidance, state money transmission rules, and evolving IRS treatment.
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The relocation threat is real, or at least credible. Several businesses are reportedly weighing moves to more favorable jurisdictions.
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Legal experts have flagged two main angles of attack. First, constitutionality — whether a state can single out one class of financial asset for special taxation without running…
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See also: GAO Pushes FDIC to Fix Blockchain Oversight Before Cracks Widen
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Illinois officials say they're working on implementation details, including compliance requirements and possible exemptions.
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Governor Johnson's administration has been firm. The stated rationale is that the digital economy is growing fast and the state should capture some of that revenue to fund public…
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Illinois is now a test case. No other U.S. state currently imposes a similar transaction-level tax on digital currencies, which means everyone else is watching to see what happens.
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The patchwork risk is real too. Crypto companies operating across multiple states already deal with inconsistent licensing regimes.
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Related: Bitcoin Jumps 5% as Global Regulators Push New Crypto Oversight Rules
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Industry insiders are watching Illinois closely, specifically looking at whether any exemptions get carved out, how enforcement actually works in practice, and whether the first…
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