Illinois Governor J.B. Pritzker has signed the Digital Asset Tax Act into law, imposing a 0.2% tax on any business activity involving digital assets. The move has been labeled as one of the most anti-crypto laws in the US, with industry representatives expressing significant concern over its potential impact. The tax is unique in the US, as no other state imposes a similar financial transaction tax on stocks, bonds, or derivatives.
US legislative leaders have reached a consensus on a housing bill that includes a provision to ban central bank digital currencies (CBDCs) until 2030. The 21st Century Road to Housing Act aims to prevent the Federal Reserve from issuing a digital dollar, reflecting ongoing concerns about the implications of CBDCs on the financial system. This agreement marks a significant policy stance amid global discussions on digital currencies.
Fidelity Investments has entered the competition among major financial institutions to manage the reserve assets backing stablecoins. This move follows similar initiatives by State Street, as the stablecoin market continues to expand rapidly. Fidelity's involvement underscores the growing importance of stablecoins in the financial ecosystem and the increasing interest from traditional finance players.
Stablecoin infrastructure firm Trace Finance has secured $32 million in a Series A funding round to enhance its cross-border settlement capabilities. The funding, led by CoinFund with participation from Coinbase Ventures and others, comes amid rising global regulatory focus on stablecoins. This investment highlights the ongoing development of infrastructure connecting blockchain payments with traditional banking systems.
A Miami-based individual known as 'Bitcoin Rodney' has pleaded guilty to charges related to a $1.8 billion global crypto fraud scheme. The case, involving the HyperFund, highlights the ongoing challenges of fraud in the cryptocurrency sector. This development is a reminder of the need for stringent regulatory measures to protect investors and maintain market integrity.