Ji Kim

Crypto trade groups pile on: two more lawsuits target Illinois’ 0.2% digital asset levy

Two major crypto trade groups, the Crypto Council for Innovation and the Blockchain Association, have filed lawsuits against Illinois over its new 0.2% tax on digital asset transactions. They argue the tax is unconstitutional and discriminatory, as it applies to transactions even when they result in a loss and lacks equivalent taxation for traditional assets. This follows a similar suit filed by the Digital Chamber, indicating significant industry opposition to the levy.