Crypto Groups Seek Court Block on Illinois Transaction Tax

Crypto industry trade groups are pushing back against Illinois' upcoming 0.2% tax on cryptocurrency transactions, arguing it's unconstitutional and would cause irreparable harm to companies.

The Crypto Council for Innovation (CCI) and the Blockchain Association (BA) have filed a motion for a preliminary injunction in the Circuit Court of Sangamon County, Illinois, seeking to block enforcement of the tax before its planned start on January 1, 2027.

The groups argue that companies would be forced to incur substantial compliance costs without sufficient clarity on how to implement the tax. 'The clock is forcing companies to act now without sufficient clarity,' said Ji Hun Kim, CEO of CCI.