Effective Date Delayed to July 2027, Illinois Digital Asset Tax Law Challenged by Multiple Crypto Organizations

Odaily reports: a16z, DeFi Education Fund, Paradigm, Uniswap, and several other crypto industry organizations have jointly submitted an amicus curiae brief in support of the legal challenge against Illinois' Digital Asset Tax Act, arguing that the law's scope is overly broad and unfairly targets the digital asset industry. Previously, the Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber had already filed a lawsuit against the state of Illinois over the law. The law imposes a 0.2% tax on digital asset transactions, and its effective date has been postponed from the originally planned January 2027 to July 2027.