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Crypto

Illinois Crypto Tax Challenge Sparks Industry Fears

Guavy AI Editorial Team
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The Illinois crypto tax is facing a court challenge from two industry groups who are seeking to stop the measure before its January 1, 2027 launch.

The Crypto Council for Innovation and Blockchain Association filed their motion in Sangamon County Circuit Court on Wednesday, requesting a preliminary injunction while the wider lawsuit moves forward.

According to the filing, companies will incur millions of dollars in compliance costs without clear guidance on what transactions are subject to taxation.

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