Digital Chamber | Crypto

The group alleged that the tax signed into law in June “discriminates against people who transact in digital assets“ and should be blocked from implementation and enforcement. Cryptocurrency and blockchain advocacy organization The Digital Chamber is suing the State of Illinois over the state’s 0.2% tax on crypto transactions expected to go into effect in 2027. In a Tuesday filing in the circuit court of Sangamon County, Illinois, the Chamber alleged that the Illinois state tax for the 2027 fiscal year was “facially invalid.” The organization filed a civil suit against Illinois Attorney General Kwame Raoul and the Department of Revenue’s David Harris, claiming that the crypto tax was “slipped into the state’s budget” without a debate or feedback from people potentially affected.  “The lawsuit argues that no one should be taxed differently because of how ownership is recorded or transferred,” said the chamber in a Tuesday blog post. “Put simply, this tax discriminates against people who transact in digital ass...

The Digital Chamber filed an amicus brief urging the dismissal of the New York lawsuit seeking ownership of 39,069 dormant Bitcoin wallets, arguing it would set a dangerous precedent for self-custodial wallets. Blockchain trade association the Digital Chamber filed an amicus brief in the New York lost property case seeking ownership of thousands of dormant Bitcoin addresses.  The Monday filing is the second amicus brief in the case. It opposes the claims of ownership, arguing that treating dormant wallets as abandoned property would create a “pervasive cloud on title across self-custody wallets.” Digital Chamber argues that a ruling based on the plaintiffs’ theory would undermine the “foundational principles of digital property ownership, with negative ripple effects reaching the traditional finance industry.” Read more

The GENIUS Act's failure to move to a full vote is "a bump in the road" and it will pass "in the next few weeks," says Cody Carbone, CEO of the Washington, DC,-based advocacy group. The stalling of key stablecoin legislation in the United States Senate was a minor setback, and the bill will pass in the coming weeks, said Cody Carbone, CEO of Digital Chamber, a Washington, DC,-based blockchain trade association and advocacy group. Speaking to Cointelegraph at Consensus 2025, Carbone argued it is in the best interests of the US to pass comprehensive stablecoin regulations to protect US dollar hegemony in global markets, which has bipartisan appeal and support. Carbone said: The Guiding and Establishing National Innovation in U.S. Stablecoins of 2025, or GENIUS Act, is seen as a critical piece of legislation. Failing to pass comprehensive regulatory reform before the midterm elections in 2026 could mean a reversal in the positive regulatory environment and a downturn in the crypto markets. Read more