Crypto groups seek injunction over 0.2% tax
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- Two crypto industry groups sued Illinois over its 0.2% digital asset tax.
- The tax is due to start on 1 January 2027 and could raise about $60 million annually.
- The groups want a court order to stop the tax before it takes effect.
The Blockchain Association and Crypto Council for Innovation sued Illinois on 21 August over its 0.2% digital asset tax.
The tax is due to start on 1 January 2027 and covers certain exchanges, transfers and storage services.
“This tax singles out digital assets for uniquely punitive treatment,” said CCI CEO Ji Hun Kim.
The groups claim the tax breaks federal and state laws in seven separate ways.
They are seeking court orders to stop officials from enforcing the tax, but no injunction has been issued.
Brokers must register and collect the tax from 1 January, with the first payments due in February 2027.
Illinois estimates the tax could raise about $60 million each year, while House Bill 5798 seeks to repeal it.
