Illinois Crypto Tax Draws Industry Pushback After SB3019 Becomes Law - TradingView
Illinois SB3019, now law, imposes new tax reporting requirements on digital asset transactions, including broker reporting and cost basis tracking, effective for tax year 2025. Industry pushback is ongoing, but compliance is mandatory.
Aforeworn detected this change in the Crypto & DeFi Tax Reporting space on July 6, 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, 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 reporting). 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 SB3019 requires digital asset brokers to report transactions to the state, similar to federal 1099-DA rules, with specific cost basis and wash sale adjustments for state tax purposes.
Who it affects
Crypto exchanges/brokers, accounting firms, DeFi protocols, high-volume traders operating in or serving Illinois residents
What you must do
Update tax reporting systems to capture Illinois-specific data fields, adjust cost basis calculations for state wash sale rules, and ensure broker reporting compliance by January 2025.
Deadline
January 1, 2025 (effective date for tax year 2025 reporting)
Never miss a change like this again
Aforeworn watches Crypto & DeFi Tax Reporting around the clock and alerts you the moment a rule moves — with a plain-English brief on what to do.
Start your free trialRelated changes in Crypto & DeFi Tax Reporting
- South Africa releases draft crypto tax guide - Digital Watch Observatory
- EU watchdog EBA details big crypto fines as landmark laws bite - TradingView
- Strict Digital Asset Regulation: Zimbabwe Tightens Oversight on Cryptocurrency Market - صوت الإمارات
- Illinois’ new crypto tax puts users under a burden stocks do not face - CryptoRank
- FCA Publishes Stablecoins, Digital Asset Rules - The Full FX