Crypto industry challenges Illinois transaction tax in court
In short
The crypto industry went to court over Illinois’ transaction tax. CoinDesk said opponents argue the tax cannot be enforced as written and have lined up broad industry support.
The issue matters because it could affect how crypto trades are taxed in Illinois if the challenge succeeds.
What the reporting says
The crypto industry challenged Illinois’ transaction tax in court, arguing the levy is impossible to enforce as written. CoinDesk said the legal fight has drawn a large roster of industry opposition, and the challengers say the tax will not work.
Why it matters
The crypto industry is contesting Illinois’ transaction tax in court, with opponents arguing the rule is impossible to enforce as written.