Crypto Industry Group Challenges Illinois' Planned Transaction Tax

The Crypto Council for Innovation has filed a lawsuit against Illinois state authorities to block a planned 0.2% cryptocurrency transaction tax.

The tax, set to take effect in January 2027, would be levied based on transaction volume rather than an investor's income or profit.

The CCI argues that the tax violates both the U.S. Constitution and the Illinois Constitution, and could result in double taxation, as transactions may be taxed at both the state and federal levels or across multiple jurisdictions.