Digital Chamber Sues Illinois Over New Crypto Tax

The Digital Chamber of Commerce has initiated legal action against the state of Illinois, contesting a newly implemented 0.2% tax on cryptocurrency transactions. The organization argues that the tax, which was signed into law in June, unfairly targets individuals who engage in digital asset transactions.

According to the lawsuit, the Digital Chamber claims the tax discriminates against those using cryptocurrencies and is seeking to prevent its enforcement. The group asserts that the tax could hinder the growth and adoption of digital currencies within the state.

The lawsuit highlights ongoing tensions between regulatory bodies and the cryptocurrency industry, as states attempt to navigate the complexities of digital asset taxation. The outcome of this legal challenge could have significant implications for similar policies across the United States.

Sources

• Cointelegraph
• CoinDesk