CFTC Chair Criticizes Illinois' New Crypto Tax Plan

CoinDesk reports:CFTC Chair Michael Selig publicly criticized Illinois’ newly enacted cryptocurrency tax framework, stating that the state is moving in the wron

• CFTC Chair Michael Selig criticized Illinois' new 0.2% cryptocurrency tax framework, deeming it a move in the wrong direction.
• The tax, effective January 1, 2027, applies to various digital asset activities and requires brokers to register and report monthly, raising concerns about compliance costs and competitive disadvantage.
• Critics argue the state-level tax policy clashes with ongoing federal deliberations on crypto regulation and could prompt businesses to relocate.

Topics: Legal regulatory, Jurisdictions, Blockchain usage, Securities law classification, Cross jurisdictional policy, Private enterprise ledgers

Tags: #cftc #illinois #cryptocurrencytax #digitalassetbrokers #taxframework #regulatoryclash #michaelselig #tokenizedassets #compliancecosts #statepolicy

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Illinois Targets Bitcoin Transactions With New Tax Critics Call ‘Punitive’ - Crypto Economy

Illinois Governor J.B. Pritzker signed the Digital Asset Tax Act into law, setting a 0.2% levy on crypto operations for 2027.

• Illinois has enacted the Digital Asset Tax Act, imposing a 0.2% tax on cryptocurrency transactions starting January 1, 2027.
• The tax applies to activities within the state or by residents, with exchanges acting as withholding agents.
• Industry groups criticize the law as 'punitive' and 'severe,' contrasting it with federal proposals that aim for exemptions.

Topics: Jurisdictions, Legal regulatory, Political endorsements opposition, Established hubs, Securities law classification, Pro innovation policy, Political opposition bans

Tags: #illinois #bitcointax #digitalassettaxact #cryptocurrency #jbpritzker #02levy #cryptooperations #regulatorypressure #taxframework

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