U.S. Crypto Groups Seek to Block Illinois 0.2% Digital-Asset Transaction Tax
JH Kim
Summary
- U.S. crypto industry groups reportedly sought a preliminary injunction to block Illinois' 0.2% digital-asset transaction tax.
- The Crypto Council for Innovation and the Blockchain Association filed a joint motion seeking to temporarily halt enforcement of the law.
- The two groups argued the tax could cause irreparable harm to the crypto industry if implemented, while the Digital Chamber has also filed a lawsuit.
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Major U.S. cryptocurrency industry groups have asked a court for a preliminary injunction to stop Illinois from enforcing a 0.2% digital-asset transaction tax due to take effect next year.
CoinGape reported on September 9 that the Crypto Council for Innovation and the Blockchain Association filed a joint motion seeking to temporarily halt enforcement of the law.
The two groups argued the tax could cause irreparable harm to the crypto industry if it takes effect.
The Digital Chamber, another crypto policy group, had earlier sued Illinois in a bid to block the law.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.