Illinois crypto tax proposal hit by lawsuit

Illinois is launching a discriminatory 0.2% tax on crypto that applies even if you lose money. Starting in 2027, this law targets blockchain infrastructure while giving traditional finance a pass, taxing transactions regardless of profit, loss, or even ownership changes. It effectively punishes you for using a ledger instead of a bank, treating every move as a taxable event. Is it right for a state to tax your financial losses just because they’re on-chain? What do you think?
This summary was generated by AI