Illinois’ new crypto tax puts users under a burden stocks do not face - CryptoRank
Illinois has introduced a new crypto tax rule that imposes a reporting burden on digital asset users, unlike traditional stock investors. The rule requires detailed cost basis and transaction reporting, potentially via a 1099-DA form, affecting exchanges, DeFi protocols, and high-volume traders.
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, DeFi protocols, accounting firms, high-volume traders in Illinois should confirm how it applies to their specific situation before acting. There is a time constraint attached: Immediately, as the rule is effective for the current tax year; specific filing deadlines may align with federal tax deadlines.. 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 enacted a crypto-specific tax reporting requirement that treats digital assets differently from stocks, mandating cost basis tracking and reporting for crypto transactions.
Who it affects
Crypto exchanges/brokers, DeFi protocols, accounting firms, high-volume traders in Illinois
What you must do
Update tax reporting systems to capture and report cost basis for all crypto transactions; ensure compliance with Illinois-specific rules.
Deadline
Immediately, as the rule is effective for the current tax year; specific filing deadlines may align with federal tax deadlines.
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