
Crypto Advocates Sue Illinois Over New Digital Asset Tax
The Crypto Council for Innovation and the Blockchain Association have filed a lawsuit against the state of Illinois over its recently approved tax on digital assets. The legal action adds another challenge to the state's financial legislation. The two advocacy groups are joining other industry opponents who have already initiated litigation against the cryptocurrency tax. The Somali diaspora living in Illinois will see the outcome of this lawsuit determine whether they face state taxes on their digital asset transactions. The legislation would directly affect residents who use cryptocurrency exchanges to hold funds or send remittances to East Africa.
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