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Crypto

U.S. crypto industry goes to court to block Illinois 0.2 percent tax on coin trades

U.S. cryptocurrency industry groups have asked a court to urgently halt Illinois\' planned 0.2 percent digital asset tax, due to take effect next year. The Crypto Council for Innovation and the Blockchain Association filed for a preliminary injunction in Sangamon County and have already sued, arguing the law is unconstitutional. Illinois expects about $60 million a year in revenue. The industry says unclear scope would force costly systems and could drive businesses and users elsewhere.

Crypto

JPMorgan says Clarity Act stall could be headwind for crypto market

JPMorgan said uncertainty in the cryptocurrency market is rising as the chances of the U.S. Senate passing the Clarity Act this year decline. It said delays could slow growth in institutional investment and blockchain financial infrastructure. Prediction markets cut approval odds to 37 percent on Kalshi and 26 percent on Polymarket. JPMorgan cited unresolved disputes over ethics rules, agency powers, stablecoin interest and DeFi.

Crypto

U.S. Senate reaches compromise on Clarity Act ethics clauses but floor path still unclear

Bipartisan U.S. senators have drawn up a new compromise over ethics provisions in the Clarity Act, a cryptocurrency market-structure bill, but prospects for action before the August recess remain unclear. The compromise was sent to the White House, though its wording has not been disclosed. Democrats have sought tougher rules amid concerns about President Donald Trump’s conflicts of interest. Senate leaders have yet to file key floor motions, and other priorities could push consideration into September.