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Illinois Crypto Tax Faces Legal Challenge
The U.S. Justice Department, the U.S. Chamber of Commerce, and the Securities Industry and Financial Markets Association have filed briefs supporting a lawsuit to strike down Illinois' 0.2% tax on digital asset transactions. The Crypto Council for Innovation and the Blockchain Association are asking a judge to block the tax, which imposes a 0.2% levy on the full value of a digital asset every time an Illinois customer trades, transfers, or stores it through a broker. Critics argue the tax is among the most punitive in the country and singles out crypto for treatment not afforded to other assets.