DOJ, Banks and DeFi Coalition Back Suit Against Illinois 0.2% Crypto Tax

The striking feature here is the coalition itself: the DOJ, SIFMA and the Chamber lining up alongside a16z, Paradigm and Uniswap signals that a state-level transaction levy is being treated as a structural precedent rather than a narrow Illinois matter. For digital asset desks and traditional market participants alike, the case tests how far states can tax on-chain activity before federal and industry objections converge. Whether other states with similar levies feel emboldened or deterred by the outcome is the open question.