Crypto groups seek summary judgment against Illinois digital asset tax

The Crypto Council for Innovation and the Blockchain Association have joined other advocacy groups to request an expedited summary judgment schedule regarding an Illinois digital asset tax, Cointelegraph reported. In a filing in the Circuit Court of Sangamon County on Tuesday, the organizations asked the court to decide on the lawfulness of the measure as quickly as possible. [1]

The filing joins the efforts of the Digital Chamber and other advocacy organizations seeking to resolve the lawsuit on its merits. State officials in Illinois had previously agreed to a six-month pause, delaying the implementation of the 0.2 percent tax on cryptocurrency assets until 2027, according to Cointelegraph. [1]

Illinois has the fifth-largest gross state product in the United States, with an economy anchored by financial and manufacturing sectors in Chicago. Industry groups are aiming for a court ruling before the tax comes into force. [1][6]