Crypto Council for Innovation

So there were companies that cared deeply about this that did help actually ensure that we reached a compromise that allowed for activity based rewards.

And you can see that that breadth of activities that were that were very clearly enumerated in the legislation demonstrated the different business models and people who want i mean everything to i mean there were conversations about starbucks points and what the banks wanted starbucks would not have been allowed to have a point system if they used any kind of stable coin that's insane and so there were a lot of people in the room we had our own trade associations come together you could see summer mercinger with the blockchain association and Ji Kim with CCI, the Crypto Council for Innovation.

They were tremendous.

You had Cody Carbone also from the Digital Chamber.

Now, those proposals covered stablecoins, mining, staking, and measures aimed at reducing the tax reporting burden associated with crypto transactions.

And in response, the Blockchain Association, Crypto Council for Innovation, and Digital Chamber urged Congress to pass Carrey's legislation as introduced.

The groups argued that taxing rewards before they can be sold creates liquidity problems for miners and stakers while opposing an amendment that would have limited the deferral to five years.

So this is a fairly beefy tax act that is all, you know, running basically parallel with the CLARITY Act, and we’re not hearing a lot about this.

So the Illinois digital asset tax is getting attacked from all angles.

It was sued by the Digital Chamber in July and the Crypto Council for Innovation just last week.

And so it's two challenges on taxes.

many claims asking to enjoin the enforcement, noting that there's constitutional challenges for Illinois, for the United States, for noncompliance that's grossly disproportionate, that it's preempted by the Internet Tax Freedom Act.