The Digital Chamber and Illinois Blockchain Association reached that accord with state officials, the Chamber told CoinDesk, and it could take some of the pressure off the looming tax as crypto interests continue trying to kill the idea. In June, Illinois' government had approved the 0.2% tax on crypto activity involving firms who exceed $100,000 in receipts — including all transaction activities and accepting assets for storage
The joint request for a delay is expected to be filed Thursday morning in the state circuit court in Sangamon County. If approved, the sides can skip haggling over legal injunctions and focus on the next stage in the court dispute, the "disputed issues of law regarding the constitutionality and enforceability" of the state's Digital Asset Tax Act
Crypto advocacy groups — which have combined efforts to oppose the Illinois plan — had previously asked a state court on September 9 to grant a temporary stop as the industry complained of the costs companies were already weathering to brace themselves for it
"We’re pleased that the State of Illinois has agreed to delay implementation of its Digital Asset Tax, giving digital asset businesses and users relief from costly compliance obligations while we continue to seek to have this tax permanently repealed through the courts," said Digital Chamber CEO Cody Carbone in a statement
The industry has disputed the validity of the tax under state law and has argued it's unconstitutional. In addition, crypto organizations contend that it's preempted by federal law in the Internet Tax Freedom Act
The filing, reviewed by CoinDesk, will argue that both parties are seeking the delay "in the interest of justice while the matter works towards resolution on the merits."
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
