Odaily Report: The U.S. Department of Justice filed a Statement of Interest on November 6, stating that the Illinois digital asset tax harms federal policy and U.S. leadership in the digital asset space, and arguing that the tax's language is vague and discriminatory. The tax imposes a 0.2% levy on the full amount of digital assets processed by brokers, regardless of whether a sale or profit occurs.
The U.S. Chamber of Commerce and the Securities Industry and Financial Markets Association (SIFMA), which represents broker-dealers, banks, and asset management firms, filed amicus briefs warning that the tax could affect traditional banks, custodians, and advisors that offer digital asset products. Crypto organizations including the DeFi Education Fund, Andreessen Horowitz, Paradigm, and Uniswap argued that the bill's definitions could bring software developers and decentralized protocols that do not hold client funds, cannot identify users, or determine transaction locations within the scope of taxation. (Decrypt)
