Illinois is the first state in the nation to impose a controversial transaction-based tax on digital asset activity, inserting the Digital Asset Tax Act, or the “cryptocurrency tax,” into the sweeping fiscal year 2027 budget bill with little public notice or industry input. Effective in 2027, the cryptocurrency tax imposes a 0.2% levy on the value of digital assets involved in each covered transaction — a novel and controversial approach that departs sharply from how…
On July 4, 2025, the One Big, Beautiful Bill Act (the “Act”) was signed into law, making important changes to the Internal Revenue Code (the “Code”). The Act has implications for US and non-US companies and their domestic and international transactions, capital investment, and research and development activities, amongst other areas, which carry significant weight for the cryptocurrency/digital asset industry. From cryptocurrency exchanges, payment processors, asset managers and cryptocurrency funds to mining companies, token issuers,…