Illinois just slapped a new 0.2% tax on crypto trades starting January 1st, aiming for $60 million in revenue — but crypto giants are already suing, calling it unconstitutional and a tech-based tax grab. The Chamber of Digital Commerce argues blockchain isn’t magic — it’s just a new way to record property, like paper stocks once were. They warn of vague rules and legal chaos as more digital taxes — from prediction markets to social media ads — face similar lawsuits. The governor’s office stays silent, calling any response premature. This is just the opening salvo in a messy, multi-front legal battle over digital assets.
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