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Crypto News Today: Illinois Signs First State Crypto Tax Into Law Under SB 3019 - Analytics Insight

Detected July 15, 2026 · in Crypto & DeFi Tax Reporting

Illinois has signed SB 3019 into law, becoming the first U.S. state to enact a comprehensive crypto tax framework. The law imposes reporting requirements on digital asset transactions, including cost basis tracking and broker reporting, effective for tax year 2025.

Aforeworn detected this change in the Crypto & DeFi Tax Reporting space on July 15, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated High urgency. Crypto exchanges/brokers, accounting firms, DeFi protocols, and high-volume traders operating in or serving Illinois residents. should confirm how it applies to their specific situation before acting. There is a time constraint attached: January 1, 2025 (effective date for tax year 2025).. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Crypto & DeFi Tax Reporting continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.

What changed

Illinois SB 3019 mandates reporting of digital asset transactions, including cost basis, to the state, and aligns with federal 1099-DA requirements. It also imposes penalties for non-compliance.

Who it affects

Crypto exchanges/brokers, accounting firms, DeFi protocols, and high-volume traders operating in or serving Illinois residents.

What you must do

Review Illinois SB 3019 text and update tax reporting systems to capture required data for Illinois residents. Ensure cost basis tracking and broker reporting mechanisms are in place by January 1, 2025.

Deadline

January 1, 2025 (effective date for tax year 2025).

Source: https://news.google.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?oc=5

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