Crypto Groups Seek Injunction Against Illinois Tax
Industry leaders, including Anchorage Digital, are fighting Illinois' 2027 digital asset tax by seeking a preliminary injunction in Sangamon County. The lawsuit, filed by the Crypto Council for Innovation and the Blockchain Association, contends that the 0.2% valuation-based tax violates the Internet Tax Freedom Act and imposes unmanageable compliance burdens on custodians.
GN markets/crypto (en-US) reports that the Crypto Council for Innovation and the Blockchain Association have filed a preliminary injunction motion in Sangamon County, specifically arguing that the 0.2% levy is a violation of federal law because it discriminates against digital transactions while leaving cash and gold untouched.
Source: GN markets/crypto (en-US)According to new details from GN markets/crypto (en-US), the specific 0.2% levy targets the total value of assets held or transferred by brokers rather than service fees, a structure the plaintiffs argue creates unmanageable compliance burdens and unfair discrimination against non-digital alternatives like gold.
Source: GN markets/crypto (en-US)Anchorage Digital has formally joined the legal challenge by filing a declaration that details the operational burdens and compliance costs the proposed 0.2% levy would impose on institutional clients, according to reporting from GN markets/crypto (en-US).
Source: GN markets/crypto (en-US)Industry leaders request a court order to halt a 0.2% transaction tax scheduled for 2027.
Source: GN markets/crypto (en-US)
