Crypto groups fight Illinois 0.2% tax on asset value, not gains

Crypto advocacy groups are challenging an Illinois law that imposes a 0.2% tax on digital asset value rather than on gains, with covered brokers required to collect it from Illinois customers. The pushback matters because a tax on asset value, not profit, could raise costs for traders and set a precedent other states might copy. A court ruling against the levy would be a relief for the industry; upholding it could chill retail activity in the state.