Illinois Agrees to Six-Month Delay on Crypto Tax, Pending Court Approval

The design choice matters more than the delay: taxing asset value rather than gains puts the burden on customers holding or moving crypto, not on realized profit, which is a materially different economics from capital-gains treatment. Draft rules reaching into paid custody, transfers and stablecoin settlement suggest the state intends to capture routine activity rather than investment outcomes. Whether the six-month pause becomes a template for other jurisdictions — or a warning about valuation-based levies — is the open question.