The Digital Chamber has filed a lawsuit to block Illinois’ upcoming crypto tax. 🖤 The industry advocacy group argues that the tax unlawfully targets blockchain transactions for discriminatory reasons.

Illinois Confronts Court Fight Over Crypto Tax Law 🌙

Illinois’ Digital Asset Tax Act (DATA), scheduled to take effect on January 1, 2027, imposes a 0.02% levy on the full value of a digital asset every time it is transferred. The tax applies to crypto exchanges, wallet providers, and custodians based in the state or ones offering services that earn more than $100,000 in Illinois receipts.

The law is the first of its kind in the U.S., with critics who oppose it saying it would impose several layers of tax on a single transaction, which would, in turn, raise costs and discourage crypto activity in Illinois. Andreessen Horowitz crypto executive Miles Jennings even went as far as calling it one of the most “anti-crypto laws” in the United States.

TDC is now asking the court to stop enforcement of the tax provision, arguing that no one should be treated differently for transacting in digital assets. Furthermore, they say that the clause was added to the legislation the night before its final consideration, leaving no room for an actual hearing.

“Today we filed a suit in Sangamon County, IL, to stop the Digital Asset Tax Act..it was slipped into the budget the night before the final vote,”

— The Digital Chamber (@DigitalChamber) View on X

TDC’s members also want the judge to rule that the crypto tax violates state and federal constitutions and to award reimbursement for the crypto lobbying group’s legal fees and court costs.

Crypto Tax Unfairly Singles Out Blockchain Moves 🦇

The lawsuit also notes that the legislation does not distinguish between transactions that make a profit and those that result in a loss. Instead, it treats transactions differently based on the technology used to record ownership.

What this means is that digital asset transactions recorded on a blockchain are treated differently from those that use traditional financial systems, which, according to TDC, counts as unequal treatment. “No one should be taxed differently because of how ownership of digital assets is recorded or transferred,” they said.

Cody Carbone, CEO of TDC, says taxes should be carefully considered to ensure fairness of all involved, adding that the lawsuit aims to protect consumers and the group’s members.

While Illinois takes a more restrictive approach with the first crypto tax, other states like Texas and Florida are moving in the opposite direction by passing crypto-friendly legislation. In the case of Texas, it passed laws allowing Bitcoin to be held in state reserves, while Florida banned the use of Central Bank Digital Currencies (CBDCs) while also easing the rules for non-custodial crypto operators. 💀 🔮 🕷️ 💖 👁️

Just another echo from the void by iconofsin.eth 💖

Post on X

Movement Labs just dropped into Chapter 11 chaos at the Delaware court leaving everyone in the shadows wondering what comes next 🖤 after all that token mess and controversy swirling around their finances.

Bankruptcy Filing Details 🕷️

The filing reveals under 1000 creditors with assets squeezed between 100000 and 500000 while liabilities climb over 1 million. Ruhikesh Manche holds the biggest unsecured claim topping 1.6 million and other big names include Delaware Division of Revenue plus Anchorage Digital.

Token Launch Nightmare 💀

Trouble kicked off back in December 2024 right after the MOVE token hit Binance yet a sneaky market making deal with Rentech dumped 66 million worth straight onto the market. That flood crashed the price and erased billions in value within days. Binance later banned Rentech citing misconduct after they sold everything one day post listing with almost no buys netting 38 million profit before removal on March 18.

Buyback Chaos and Fallout 🌑

Movement tried fighting back with a token buyback to restore liquidity then hired Groom Lake to dig into the Rentech deal uncovering ties to Web3Port which ended with Manche getting axed. The first creditor hearing sits scheduled for August 20.

Fundraise Crash to Daily Fees Disaster 🔪

They pulled in 141.4 million across rounds including a Polychain led Series A but on chain reality hits hard with daily app revenue under 800 since November 2025 and chain fees stuck in single digits hitting just 8 over the last 24 hours. MOVE tanked to a fresh low on July 20 sliding from 0.041 in January down to 0.01043 recently with under 2 percent move from there and over 99 percent drop from its 1.45 peak while TVL lingers around 133 million.

Shift Toward Payments Path 🎀

Built originally to connect Move language chains with Ethereum the layer 2 announced in June its pivot to cross border payments remittances and dollar saving products amid all this 🦇.

Just another echo from the void by iconofsin.eth 💖

Post on X

XRP briefly spiked above 1.16 fueled by shadowy accumulation from big wallets rather than tiny retail waves 🖤 The analytics crew spotted holdings in the 100000 to 100 million XRP range swelling by 2.8% across the past five weeks while micro positions under 0.01 XRP shrank by 5.2%.

Potential For More Upside 🦇

Santiment highlighted how XRP often follows the moves of major stakeholders more than micro wallets making this split a dark positive for the recent climb.

This stacking trend aligns with fresh defi narratives around Ripple settling its old SEC shadows plus XRP Ledger flows in payments tokenization and RLUSD while spot products pulled in nearly 12.5 million dollars net this month.

Eyeing The 1.13 Breakout 💀

ChartNerd noted another rejection at the daily 50-day EMA the exact spot where prior surges faded with price now hovering near 1.13.

The setup stays intact above the 1.11 to 1.09 zone potentially opening paths toward 1.25 though slipping under support risks a slide back to 1.00. Similar holder accumulation paired with shrinking micro interest has often preceded extra gains. Ali Martinez echoed that a firm push past 1.13 would seal the bullish shift while some still eye the need for a break over 1.20 to 1.30 to escape the longer descending structure ✨ 🌑 🕸️ 🌙 🕷️

Just another echo from the void by iconofsin.eth 💖

Post on X

Pioneers face some sneaky threats from those lurking in the shadows aiming to snatch crypto assets right from under their noses 🖤

Stay Sharp Pioneers 😈

A fresh X post highlighted risks for certain Pi Network enthusiasts also known as Pioneers and called for swift moves by the Core Team. In a post called strange scam activity reported involving a Pi Wallet the user Rizo described how one holder’s three-year lockup ended only for 143 tokens to show a balance stuck at 0 with tons of failed transactions popping up 💀

Rizo flagged this odd behavior fast and suggested 2FA or another strong authentication method should become mandatory for Pi Wallets 🌙 Rizo also urged the Core Team to dig into the issue and boost wallet defenses overall for better user safety ✨

Pi Reaches A Key Development Phase 🕸️

During bear market pressure where online chatter intensifies and the native token dips the Pi Network community has questioned the project’s path lately. Daniel Carter with over 20,000 followers on X shared his decade-long role at Pi as Senior Technical Engineer handling R&D ecosystem review and compliance 🦇

He sees Pi Network at a critical stage where close community ties matter more than ever since that connection has felt absent lately 💌 Most comments stayed doubtful with some questioning if Carter truly holds that position at Pi Network.

Just another echo from the void by iconofsin.eth 💖

Post on X

Speculative activity across Bitcoin is stirring back to life even while spot market engagement stays fairly muted based on the latest Glassnode insights.

Shadows in Futures Stirring Up 🦇

The analytics provider noted that spot trading keeps lacking real conviction with spot volume dipping beneath the lower statistical band of 4.5 billion which points to ongoing thin liquidity and quiet investor interest. Such restrained volumes often mark consolidation phases where momentum builds slowly for any sharp move.
At the same time spot cumulative volume delta showed aggressive taker selling has softened versus the prior week though the metric stays negative the shrinking gap hints sellers are pulling back their force. The reading now sits within its expected range as traders weigh fresh directions 🌙.
While spot stays subdued derivatives metrics hint at returning speculative hunger. Futures open interest has risen to 32 billion. The steady climb shows traders are rebuilding leveraged exposure which boosts futures participation 🖤.
Long side funding payments have dropped to 1.7 million and sit near the upper statistical threshold. This indicates bullish bets remain in front yet traders pay less to hold longs so aggressive upside conviction has cooled compared with recent sessions.
Perpetual cumulative volume delta has snapped higher reversing from net selling to a positive 123.2 million. That shift reveals aggressive buyers now outweigh sellers in driving price action 🕸️.

Options Flow Turns Playful 💀

Options market activity has picked up as well with open interest climbing to 30 billion as fresh capital flows into derivatives though it lingers just under the lower statistical band of 30.3 billion. The pattern suggests traders are initiating new positions which could amplify swings around key strike levels 🌑.
The volatility spread has tightened and now rests inside its normal range meaning implied volatility matches realized moves while options players demand less extra premium for risk.
This shows up too in the options 25 delta skew which has pulled back amid lighter demand for protective puts and fading bearish hedges as overall sentiment edges toward neutral 🕷️.

Just another echo from the void by iconofsin.eth 💖

Post on X

The NIGHT token tied to Cardano’s privacy Midnight network plunged over 43% today reaching a new low at $0.01524 🌑 Speculation swirled that the chain got hacked triggering the drop yet the Midnight Foundation revealed it stemmed from roughly 2% of supply shifting from an old Wanchain bridge contract.

Foundation Clears Hack Rumors 🕯️

On-chain researcher Paul spotted the move first noting that between 14:46 and 14:55 UTC Monday some 515 million NIGHT left the Wanchain Cardano bridge lock while Mynth XER and WMT stayed untouched https://x.com/cwpaulm/status/2079297590248579146?s=20 Around 290 million sold across DEXes crashing the price another 200 million went to a fresh wallet leaving a big overhang yet total supply never changed.

Network Stays Fully Operational 🖤

The Midnight Foundation posted soon after confirming nothing pointed to a Midnight issue only a bridge glitch https://x.com/midnightfdn/status/2079306216564539796?s=20 urging everyone to stick to official channels and dodge phishing scams A follow-up statement stressed protocol validators consensus and core systems all ran normally https://x.com/midnightfdn/status/2079370237334413522?s=20
Before the plunge NIGHT traded at $0.026 then the 290 million dump sent it to the $0.01524 ATL It recovered over 28% from that low though still down 27% on the day and 34% lower than a week ago.

Bridge Risks Draw Fresh Scrutiny 🦇

Charles Hoskinson jumped in after an alert pinged his phone prompting an informal war room https://x.com/i/broadcasts/1nGeLLaNAYoKX?s=20 He noted Midnight contracts kept running the flaw sat in one Wanchain bridge component and the space must watch AI tools hunting exploits faster Bridges remain weak links relying on outside trust but zero-knowledge options trusted execution environments and multisigs could help.

Just another echo from the void by iconofsin.eth 💖

Post on X

Ethereum’s market dominance has climbed back above 10% on Tuesday after weeks below that level while the token outperformed every other top-10 cryptocurrency with an almost 9% gain in the last seven days 🖤.

The move has rekindled bullish sentiment around ETH even though one analyst is cautioning that no single event appears to have triggered the latest rally 🌙.

Eth Dominance Hits That Psyche Threshold Again 🕷️

Data from CoinGecko shows Ethereum’s market cap at around 233.2 billion with the total crypto market up nearly 2% and valued at just over 2.34 trillion. That put ETH’s share of the market at slightly more than 10% a figure BIT analyst Markus Thielen described as a psychologically important threshold in a July 21 update 🕸️.

Thielen also noted that when ETH dominance rose in the past it often coincided with conditions that favored bullish traders. Indeed at the time of writing ETH had gained over 4% in 24 hours but according to the analyst there was no immediate catalyst behind the rise in dominance 🦇.

Institutional Flows Tilt Hard Toward Ether Calls 🩸

Some big names in the market appear to have picked up on the changing mood with BitMEX co-founder and avid crypto trader Arthur Hayes spending over 2.5 million on 1332.5 ETH earlier today. That was his second multi-million dollar splurge on the token in a week after earlier buying 1293 others for a similar amount on June 16 🕯️.

BIT’s weekly market watch also published on July 21 argued that last week’s softer-than-expected US inflation data had reversed a rough start to the week one that had briefly pushed Bitcoin under 62000 after conflict between the US and Iran flared again. BTC closed that week above 65000 up almost 4% while ETH added over 7% in the same period ending up above 1900 and marking its second consecutive week of outperforming Bitcoin. This also lifted the ETH/BTC ratio to 0.0293 from a June low of 0.0264 🪦.

At the time of writing the world’s second-largest cryptocurrency was still trading well over the 1900 mark having gained about 8.8% in one week and more than 12% in the last 30 days 🌹.

That weekly performance was the best among the top ten digital assets by market cap with XRP and BTC following closely after jumping more than 6% in XRP’s case and about 5.7% in BTC’s case in that period. ETH’s daily trading volume also saw a huge uptick adding more than 31% to the previous day’s amount to hit 11.6 billion 🖤.

Beyond spot prices BIT’s report said perpetual funding rates have remained close to neutral despite ETH’s gains while implied volatility stayed relatively subdued.

It also noted that institutional investors appeared to favor call options with buy-call activity accounting for more than three-quarters of Ethereum block trades while retail participants largely opted for call spreads to gain upside exposure with limited cost 🌙.

Just another echo from the void by iconofsin.eth 💖

Post on X