Illinois is facing a fresh legal attempt to pause its new digital asset transaction tax before it begins in January 2027. The Crypto Council for Innovation (CCI) and the Blockchain Association (BA) say they have asked a court to issue a preliminary injunction blocking enforcement of the 0.2% levy, arguing the tax is unconstitutional and that affected companies face immediate, irreversible costs. In a filing reported by the trade groups on Wednesday, CCI and BA asked the Circuit Court of Sangamon County, Illinois, to prevent the state from imposing the tax while their underlying lawsuit proceeds. The groups contend Illinois has not provided adequate clarity on what exactly is taxed and when—while companies are already being forced to build compliance systems under the threat of criminal penalties. Key takeaways CCI and BA have filed for a preliminary injunction to block Illinois’ planned 0.2% tax on crypto transactions before the Jan. 1, 2027 start date. The groups argue the tax vio...

Hunter Biden officially launched the politically themed “LAPTOP” memecoin on Wednesday, marking a high-profile entry into the crypto space for a figure long tied to US political drama. Early trading was volatile: the token was reported by CoinGecko at $2.0977 at 3:45 p.m. UTC after opening at $199.50, representing a sharp first-hour slide of 95.7%. CoinGecko also shows more than $13.4 million in volume during that initial period. On-chain data analyst Bubblemaps said most of the largest holders appear to be wallets funded within the past 10 days, pointing to a rapidly assembled distribution rather than long-term accumulation. The project’s launch quickly drew both backlash and engagement across social media. Key takeaways According to CoinGecko, LAPTOP’s opening price of $199.50 fell to $2.0977 within about the first hour, down 95.7% at 3:45 p.m. UTC. Bubblemaps data indicates a concentration of top holders in recently funded wallets, suggesting short-term positioning around the la...

U.S. Bank says it has successfully completed a live cross-border payments pilot using its proprietary USBDC stablecoin issued on the public Stellar network. The test involved transfers between U.S. Bank entities in North America and Europe, while also exercising key stablecoin controls such as minting, redemption, freezing, and clawback. The bank described the pilot as a validation of its internally developed Digital Asset Platform, which is designed to connect tokenized assets and stablecoin operations with existing banking risk, compliance, and operational systems. U.S. Bank said Wednesday that it is now evaluating additional use cases, including cross-border treasury operations, liquidity management, and moving collateral onchain. Key takeaways U.S. Bank completed a live cross-border payment test with USBDC on Stellar, transferring value between entities in North America and Europe. The pilot included not just transfers, but also operational stablecoin capabilities like minting,...

Blockchain intelligence firm TRM Labs has reportedly doubled its valuation to $2 billion after expanding its Series C funding round led by Blockchain Capital. In an announcement Wednesday, the company said it did not disclose the amount of the latest investment, but stated that its annual recurring revenue has quadrupled over the past three years. The new financing expansion comes on the heels of a $70 million Series C round in February, which was also led by Blockchain Capital. TRM provides blockchain intelligence and investigation software used by more than 600 government agencies and private-sector organizations across 75 countries, according to the company. Key takeaways TRM Labs’ valuation has risen to $2 billion following an expanded Series C round led by Blockchain Capital. The company did not specify the size of the latest investment, but said its annual recurring revenue has quadrupled in three years. TRM’s products target investigations into fraud, money laundering, san...

Consensys Software Inc., the Ethereum-focused firm behind MetaMask, plans to restructure by splitting its consumer-oriented business from its institutional blockchain infrastructure operations. The company says the separation is expected to be completed by the end of 2026, creating two independent companies with distinct leadership and strategic priorities. According to a Business Wire announcement, Joe Lubin will serve as chairman and CEO of MetaMask while also taking the role of executive chairman of the new Consensys. The institutional business—focused on Ethereum protocols and infrastructure—will be led by Mike Kriak as CEO, with David Cunningham as president. Key takeaways Consensys will separate into two independent firms by the end of 2026: MetaMask (consumer self-custody) and a new Consensys (Ethereum protocols and institutional infrastructure). The new Consensys will house Consensys’ protocol and infrastructure portfolio, including Linea, Besu, and Teku. MetaMask is posi...

Former Silvergate Bank CEO Alan Lane says the lender’s 2023 voluntary wind-down was driven less by solvency concerns and more by political pressure tied to the Biden administration. In an inaugural Substack post published Tuesday, Lane argues that Silvergate could have continued operating after meeting large withdrawal demands in late 2022—contradicting the thrust of multiple regulator reviews that pointed to funding, governance, and compliance failures. The dispute matters beyond Silvergate’s collapse because it sits at the center of a broader, ongoing debate: whether US regulators effectively squeezed crypto-focused banks through risk management scrutiny and supervisory actions, or whether the failures were primarily internal. Lane’s account adds a firsthand perspective to a record that includes Federal Reserve and SEC enforcement actions, as well as official reviews highlighting weaknesses in how the bank managed its concentrated deposit base and compliance obligations. Key takeaway...

U.S. lawmakers are racing to move the Digital Asset Market Clarity (CLARITY) Act through the Senate before congressional politics reset after the 2026 midterms. With the Senate scheduled to return to Washington on Monday, Majority Leader John Thune has set a cloture vote for Tuesday—an immediate procedural test that will determine whether the bill can clear the 60-vote threshold needed to overcome a filibuster. The timetable is tight. If CLARITY fails to advance this session, the chamber would effectively be left with less than 36 business days before the 2027 Congress is sworn in, according to earlier reporting linked in this piece. That creates a high-stakes decision point: either push the bill through now, or risk carrying it into a later Congress where party control—and priorities—may look very different. Key takeaways Senate Majority Leader John Thune has scheduled a cloture vote on the CLARITY Act for Tuesday, requiring 60 votes to break a filibuster. If the vote fails, the b...