Trade groups seek to block Illinois crypto tax before January effective date
Following on their earlier lawsuit, CCI and the Blockchain Association seek to block Illinois’ 0.2% crypto tax, arguing it is unconstitutional and would impose costly compliance burdens.
The Crypto Council for Innovation (CCI) and Blockchain Association (BA) are seeking to block Illinois from enforcing a 0.2% tax on cryptocurrency transactions before it takes effect in January 2027.
The trade groups said Wednesday that they have filed a motion for a preliminary injunction in the Circuit Court of Sangamon County, Illinois to protect digital asset firms from suffering irreparable harm.
“Companies are being asked to spend millions to build systems for a tax that violates their constitutional rights without answers to basic questions about what is taxed and when, all under the threat of criminal penalties,” said Ji Hun Kim, CCI CEO, in a statement. “These costs are being borne right now, against a Jan. 1 deadline, forcing companies to divert key resources and employees to a clearly unlawful tax.”