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The US cryptocurrency industry has sued to block Illinois from imposing a 0.2% tax on digital-asset transactions. The levy would be calculated on the value of the asset being traded rather than an investor’s profit.
Cointelegraph and other crypto-focused media reported on August 24 that the Crypto Council for Innovation and the Blockchain Association filed suit against Illinois seeking to halt enforcement of the Digital Assets Tax Act. The tax is set to take effect on January 1, 2027.
Illinois plans to impose a tax equal to 0.2% of an asset’s value on trades, transfers and custody services conducted through crypto brokers. That means investors could owe the tax regardless of whether they made a profit.
The groups argue the tax violates both the US Constitution and the Illinois Constitution. They also say the law is vague, creating the risk of double taxation and exposing residents and brokers to potential civil and criminal penalties.
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