Justice Department and DeFi firms challenge Illinois crypto tax in court

The US Justice Department, business groups and DeFi firms are challenging Illinois' crypto tax in court filings. The industry argues the tax, which applies even when a transaction yields no profit, could raise compliance costs and violate federal law. A ruling against the tax would ease compliance burdens for DeFi and crypto firms operating in the state, while an upholding could set a precedent for taxing unprofitable transactions.