Industry groups argued in court filings that Illinois’ crypto tax, which applies even when a transaction yields no profit, could raise compliance costs and violate federal law.
The US Department of Justice, business and financial industry groups and a coalition of decentralized finance (DeFi) firms have backed a legal challenge to Illinois’ 0.2% digital asset tax, arguing that the measure unfairly targets cryptocurrency transactions and could impose taxes even when investors make no profit.
Over the past week, the Justice Department filed a statement of interest, while the US Chamber of Commerce and the Securities Industry and Financial Markets Association (SIFMA) submitted an amicus filing. A coalition that includes venture capital firms Andreessen Horowitz and Paradigm as well as crypto protocols Uniswap and Aave Labs also filed a brief, according to a Thursday announcement from the Blockchain Association and Crypto Council for Innovation.
The law, enacted in June, imposes a 0.2% tax on the value of digital assets exchanged, transferred or stored, regardless of whether a transaction generates a profit.
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