Everyday crypto users face monthly tax bills on total asset value if covered brokers fail to collect under new Illinois rules

Blockchain Association and CCI seek injunctions, but the filing itself did not suspend the 0.2% levy.

• Illinois's new 0.2% digital asset tax, set to begin January 1, 2027, is facing legal challenges from the Blockchain Association and the Crypto Council for Innovation.
• The tax is based on the total value of customer digital asset activity, not gains or fees, and requires brokers to collect it.
• The lawsuit seeks to invalidate the tax, citing federal preemption, commerce clause violations, and due process concerns, but the filing itself does not suspend the law.

Topics: Legal regulatory, Jurisdictions, Compliance, Securities law classification, Cross jurisdictional policy, Aml antimoneylaundering

Tags: #illinoisdigitalassettax #blockchainassociation #cryptocouncilforinnovation #injunction #02levy #digitalassettaxact #brokercompliance #taxation #regulatorychallenge

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Over 1 million Americans urge senators to support the CLARITY Act

More than 1 million Americans have now contacted their US senators in support of the Digital Asset Market Clarity Act, a grassroots mobilization driven i | Bitget crypto news!

• Over 1 million Americans have contacted their senators in support of the Digital Asset Market Clarity Act (H.R. 3633), aiming to establish clear regulatory authority between the SEC and CFTC.
• A revised version of the bill, including ethics rules and a sunset provision, passed the Senate Banking Committee and has garnered support from major financial institutions like Fidelity.
• The act is seen as crucial for attracting institutional capital to digital asset markets by providing a clear federal framework, addressing consumer protection, and combating illicit finance.

Topics: Legal regulatory, Jurisdictions, Institutional adoption, Securities law classification, Cross jurisdictional policy, Asset manager initiatives

Tags: #clarityact #digitalassetmarketclarityact #hr3633 #sec #cftc #congress #fidelity #cryptocouncilforinnovation #blockchainassociation #regulatoryclarity

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