digital asset tax

Policy Regula

2026-09-09 12:06:58

CCI and Blockchain Association seek injunction against Illinois digital asset transaction tax

The Crypto Council for Innovation, or CCI, and the Blockchain Association filed a motion for a preliminary injunction on Wednesday in the Sangamon County Circuit Court of Illinois, according to CoinDesk, asking the court to halt enforcement of the state’s digital asset transaction tax while their lawsuit proceeds. The tax is set at 0.2% and would apply to entities headquartered in Illinois or offering services in the state if their gross revenue exceeds $100,000. It is scheduled to take effect on Jan. 1, 2027. The two lobbying groups, together with The Digital Chamber, sued Illinois last month, arguing that the tax violates the Internet Tax Freedom Act and the U.S. Constitution, and that the state is treating digital assets differently from other financial services. CCI CEO Ji Hun Kim said companies are being forced to spend millions of dollars on compliance systems even though basic questions, including what exactly is being taxed and when, remain unresolved. Blockchain Association CEO Summer Mersinger said Illinois would not be the last state to try such a measure if the law stands.

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Policy Regula

2026-08-24 16:05:48

Crypto groups sue Illinois over 0.2% digital asset tax set for 2027

Two crypto advocacy groups, the Crypto Council for Innovation and the Blockchain Association, have sued Illinois officials over the state’s 0.2% tax on cryptocurrency transactions, a measure signed into law in June as part of the fiscal year 2027 budget. The tax is expected to take effect in January 2027 and applies to transaction volume rather than income. Filed Friday in the Circuit Court of the Seventh Judicial Circuit for Sangamon County, the complaint argues that the Illinois digital asset tax violates the US Constitution, the Illinois Constitution, federal and state due process laws, and the federal Internet Tax Freedom Act. The groups say the law is unconstitutionally vague because it leaves residents and brokers to determine what is taxable and how the tax applies while facing potential civil and criminal penalties. The suit also raises Commerce Clause objections, arguing the measure could lead to duplicative taxation across state lines. The filing follows a similar lawsuit brought in July by the Digital Chamber. At the same time, Illinois is also facing a separate legal challenge from prediction market platform Kalshi over a law that took effect on July 1.

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Illinois

2026-08-23 13:19:06

Two Illinois crypto industry groups sue state government over planned digital asset tax

Two cryptocurrency industry groups in Illinois have sued the state government in an effort to block a new digital asset tax, according to Techub News, which cited Crypto.news. The proposed tax is scheduled to take effect in 2027 and would be imposed on exchanges and custodians. The rate is set at 0.2%. The brief report did not identify the two groups by name or provide further details about the legal filing, but it makes clear that the case is aimed at stopping the planned levy before it comes into force. The dispute centers on a state-level tax proposal that would apply to parts of the digital asset industry operating through exchange and custody services.

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Illinois

2026-08-22 00:18:46

CCI and Blockchain Association sue over Illinois digital asset tax at 0.2% of transaction value

The Crypto Innovation Council (CCI) and the Blockchain Association have filed suit in Sangamon County, Illinois, challenging the state’s newly enacted digital asset tax. The law requires businesses that trade or store cryptocurrency for customers in Illinois to pay a tax equal to 0.2% of the transaction value. The plaintiffs say it violates the U.S. Constitution, the Illinois Constitution and the Internet Tax Freedom Act. The tax also applies to companies headquartered in Illinois or serving state residents with more than $100,000 in total revenue, and Illinois expects it to raise about $60 million for the state budget. Critics argue the levy is based on transaction value, so it must be paid even when a trader loses money on a crypto transaction.

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CCI

2026-08-22 00:28:42

CCI and Blockchain Association Join Illinois Digital Asset Tax Challenge

According to CoinDesk, the Crypto Council for Innovation (CCI) and the Blockchain Association have filed a civil lawsuit in Sangamon County, Illinois, joining a legal challenge to the state’s digital asset tax policy. The plaintiffs say the new law violates the U.S. Constitution, the Illinois Constitution and the Internet Tax Freedom Act. The dispute centers on a 0.2% tax on digital asset transactions or custody, applied to entities with annual revenue above $100,000. Lawmakers had projected the measure would raise $60 million a year for the state budget. The plaintiffs argue that, because no comparable tax applies to traditional assets, the policy amounts to a unique punitive treatment of digital assets and an unfair allocation of resources through the tax code.

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South Korea

2026-08-20 08:38:44

South Korea says gains from crypto held in personal wallets or overseas exchanges are taxable

South Korea’s government said gains earned by residents from digital assets held in personal wallets or on overseas exchanges are, in principle, subject to tax if the income comes from transfers or lending, according to Digital Asset. The clarification covers assets held outside domestic trading platforms and points to taxation based on how the profit is generated rather than where the assets are stored. The country’s digital asset tax is scheduled to take effect on Jan. 1, 2027. The income will be taxed as other income, with a 2.5 million won deduction and a 20% tax rate. Including local tax, the top rate will reach 22%.

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crypto regula

2026-07-24 10:30:15

US Lawmakers Advance Six Crypto Tax Bills as White House Reviews CLARITY Act

Six digital asset tax bills are moving through Congress, covering donations, mining, staking, reporting, and disclosure. At the same time, White House officials are discussing the CLARITY Act with law enforcement ahead of a Senate vote.

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Illinois

2026-07-24 05:45:16

Illinois Becomes First State to Levy 0.2% Tax on Digital Asset Transactions

Illinois Governor JB Pritzker signed a $55.9B budget including a 0.2% digital asset transaction tax, effective Jan 1, 2027. Crypto groups warn it will drive innovation out of the state.

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