US Justice Department, industry groups back lawsuit against Illinois 0.2% crypto tax

The US Department of Justice, major financial trade associations, and a coalition of decentralized finance firms have joined legal efforts to challenge a new Illinois law imposing a 0.2% tax on digital asset transactions. These groups claim that the measure unfairly targets cryptocurrency activities and could require taxes even in cases where no profit is realized by investors. Over the past week, significant filings have emerged in federal court as legal challenges to Illinois’ digital asset tax gather momentum. The Justice Department entered a statement of interest, while the US Chamber of Commerce and the Securities Industry and Financial Markets Association (SIFMA) submitted an amicus brief.

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