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…