Blockchain Association and Crypto Innovation Committee sue Illinois for blocking digital asset transaction tax

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The Blockchain Association and the Crypto Innovation Committee have applied for a preliminary injunction in Illinois court, attempting to block the state's 0.2% digital asset transaction tax that will take effect in January 2027. In the motion, the industry group said that the new tax has caused irreparable damage to members, that members need to spend millions of dollars in compliance without guidance and face the threat of criminal punishment, and that the new tax law violates the Constitution of Illinois and the Internet Tax Freedom Act. (Source: The Block)

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