Illinois Draft Rules Detail 0.2% Crypto Tax Treatment of DeFi, Stablecoins

The significance here is jurisdictional rather than fiscal: a US state is trying to write definitions for activity that largely resists geographic anchoring, and the treatment of stablecoins, bridges and self-custody transfers is where that tension becomes concrete. DeFi platforms and bridge operators, not just traders, are the parties most exposed to how those definitions land. Whether other states follow Illinois' template, or whether the definitions survive scrutiny from an industry built on permissionless infrastructure, is the open question worth watching.