Crypto Lobby Group Challenges Illinois' Planned Transaction Tax

The Crypto Council for Innovation (CCI), an industry lobbying group, has filed a lawsuit against Illinois state authorities to block a planned 0.2% cryptocurrency transaction tax.

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

The CCI argues that the tax violates both the U.S. and Illinois Constitutions, could lead to double taxation, and is overly vague, exposing residents and brokers to potential civil and criminal penalties for non-compliance.