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$GRVT A coalition of DeFi builders led by Uniswap, Andreessen Horowitz (a16z) and Paradigm have filed a court brief supporting the crypto industry’s lawsuit against Illinois’s 0.2% digital asset tax. The coalition is warning that the state’s draft rules would turn fee-charging decentralized exchanges and their frontends into tax-collecting brokers. It is like a repeat of a fight that many thought was already won in Washington, but this time around it is at the state level. In April 2025, Congress and President Donald Trump scrapped a federal IRS rule that would have forced DeFi platforms to report user transactions as if they were brokers. Who signed on, and who else is in the fight? The brief was filed in the Circuit Court of Sangamon County and backs a challenge brought by the Crypto Council for Innovation (CCI) and the Blockchain Association. The other signatories to the brief alongside the DeFi Education Fund, a16z, Paradigm and Uniswap, are Aave Labs, Aptos Labs, Aztec Labs, Chainlink Labs, Jito Labs, Orca Creative, Phantom Technologies, Multicoin Capital, the Solana Policy Institute and Stand With Crypto. The coalition is also not without support from the federal level, as the Blockchain Association said the US Department of Justice filed a statement of interest on November 6, arguing the tax “undermines federal policy and American leadership in digital assets.” The US Chamber of Commerce and the Securities Industry and Financial Markets Association (SIFMA) also filed their own amicus brief the same day. The association warned that the levy would go beyond crypto-native firms to reach banks, broker-dealers, and custodians that offer digital asset products. Why are builders saying that a DEX cannot collect tax? a16z’s head of policy, Miles Jennings, shared his thoughts on the matter on October 30 after he said that his organization, The DeFi Education Fund, and Uniswap were joining the fight against the tax act. He said the state’s approach was not possible to comply with, as “autonomous software is not a person that can collect a tax.” There is also a draft provision in the act that requires brokers to store the private keys of customers, and it was flagged in an October letter. The signatories say that it would expose users to theft. They asked regulators to swap the term for “public keys” instead. When was the tax act signed and who is fighting against it? The legislation that is causing the lawsuits was signed by Governor JB Pritzker as the Illinois Digital Asset Tax Act in June 2026. It was part of the state’s fiscal 2027 budget. It imposes a 0.2% charge on the value of a digital asset each time an Illinois customer exchanges, transfers, or stores it through a broker. The charge is there even when there is no sale or gain made by the customer, and it carries a class 3 felony charge for noncompliance. Stakeholders have since taken the state to court over the law. The first was the Digital Chamber, which sued in July, while CCI and the Blockchain Association followed in September. In October, the state agreed to postpone the tax from January 1, 2027, to July 1, 2027, while the litigation proceeds. Where did the DeFi broker rule come from? In December 2024, at the dawn of the Biden administration, the Treasury Department finalized a rule that would have seen platforms that facilitate digital asset transactions file Form 1099-DA on user activity. This was the DeFi broker rule, and it was to take effect in 2027. However, the rule will not be activated by the due date, as President Trump killed it when he signed a congressional review act resolution on it on April 10, 2025. The current dispute in Illinois is going to show if the state can prevail where the federal government had a rethink, or if the industry can wave off a state’s rule that challenges the ways decentralized exchanges currently operate. If you're reading this, you’re already ahead. Stay there with our newsletter.

The crypto market has suffered another major selloff on Friday, November 13, with Bitcoin falling below $69,000, Ethereum losing $2,000 and several major altcoins posting losses of more than 6%. According to market data, $BTC traded near $68,388, down 7% over 24 hours, while $ETH fell 6.2% to $1,922. Solana dropped 5.9% to $78.30, BNB lost 6.8% to $631, and $XRP declined 4% to approximately $1. The selling follows a $14.2 billion contraction in stablecoin supply, continued withdrawals from cryptocurrency investment funds and renewed uncertainty surrounding Nvidia’s leadership. Middle East tensions and forced liquidations have added further pressure. Why is the crypto market crashing today? The latest crypto market crash comes as investors face several developments affecting demand for riskier assets. Nvidia CEO Jensen Huang’s resignation on November 12 unsettled technology stocks, particularly companies connected to artificial intelligence infrastructure. Nvidia shares declined after the announcement, while CoreWeave and other AI-related companies faced selling pressure. Bitcoin and major altcoins weakened during the same period. As previously reported, Bitcoin had already fallen below $73,000 as Nvidia’s leadership crisis developed. Meanwhile, stronger US inflation figures have raised expectations that the Federal Reserve could increase interest rates again in December. The dollar strengthened alongside Treasury yields, adding to the pressure on investments sensitive to borrowing costs. Geopolitical uncertainty continued Friday after Iran’s Revolutionary Guard Corps claimed it had attacked a US early-warning radar installation in Bahrain. The reported strike followed an alleged attack on a telecommunications tower in southern Iran. US and Bahraini authorities had not immediately confirmed the Iranian claims. Glassnode warns of $14.2B decline in crypto liquidity Separate from Friday’s market developments, blockchain analytics firm Glassnode identified a sustained decline in capital available for cryptocurrency trading. In its November 11 research report, Glassnode found that stablecoin supply had fallen $14.2 billion over 30 days through November 9. The contraction was the largest since June 2022, when cryptocurrency markets experienced substantial withdrawals following the collapse of Terra. Stablecoins such as USDT and USDC allow traders to hold dollar-linked assets before buying Bitcoin, Ethereum and other cryptocurrencies. When investors redeem stablecoins for dollars, the supply in circulation falls, reducing the amount of dollar-linked funds available within the cryptocurrency market. Glassnode warned that the decline leaves “less fuel for a rally.” The research firm identified continued withdrawals from US spot Bitcoin ETFs and weak buying activity on Coinbase as further signs of declining demand. Its report found that Bitcoin traded below the average purchase price of recent investors, which stood near $75,600. However, Glassnode identified some buying among wallets holding between 100 and 10,000 BTC, even as smaller and larger investor groups continued reducing their holdings. Bitcoin and Ethereum ETF withdrawals deepen selling pressure Institutional cryptocurrency investment products have recorded sustained withdrawals during the market decline. Glassnode reported that US spot Bitcoin ETFs lost approximately $1.6 billion across 20 trading sessions. More recent Farside Investors data showed $299.8 million in Bitcoin ETF withdrawals on November 11, including $269.7 million from BlackRock’s IBIT. Ethereum funds recorded similar selling. US spot Ether ETFs lost $144.8 million during the same session, with BlackRock’s ETHA accounting for $129.8 million. The withdrawals show investors reducing exposure through regulated funds while Bitcoin and Ethereum continue trading below important price levels. Selling pressure has reached the derivatives market. CoinGlass data showed $1.23 billion in crypto liquidations over a rolling 24-hour period. Bitcoin accounted for roughly $677.5 million, while Ethereum recorded another $249.8 million. Most liquidated positions belonged to traders betting on rising prices. Which cryptocurrencies have suffered the biggest losses? The latest data show losses across large cryptocurrencies, with privacy-focused tokens among the worst affected. Monero fell 11.1% to $510.71, while Zcash dropped 9.1% to $892.51. Dogecoin lost 6% to $0.06323, and Chainlink declined 4.2% to $9.67. Other major assets, including Avalanche, Uniswap, Aave, Hedera and NEAR, recorded declines of approximately 6% or more in subsequent market readings. Despite the selling, Glassnode’s November 11 research identified substantial Bitcoin buy orders between $68,000 and $72,500 on major exchanges. The firm reported that buy orders had outnumbered sell orders within 5% of Bitcoin’s trading price since November 5, although exchange orders can be withdrawn before execution. Glassnode identified $62,000 to $66,000 as an area where substantial Bitcoin holdings were previously acquired, while its longer-term analysis placed the June low near $58,500.

UNI/USDThi

The 15 most-watched alts this week 👀 Where are traders putting their money? I ranked alts by open interest on Bitget (money in open positions) and checked their last 7 days. $BTC: −4.1% Only 3 of 15 did better than BTC: 🟢 $PEPE +8.7% 🟢 $BNB −1.5% 🟢 $UNI −3.5% The rest fell harder: 🔴 $ETH −8.1% ($1.6B open interest) 🔴 $SOL −8.8% 🔴 $XRP −15.5% (worst of the 15) 🔴 $HYPE −13.3% 🔴 $ENA −13.0% 🔴 $DOGE −7.7% 🔴 $ADA −6.7% · $SUI −6.6% · $NEAR −6.5% · $ZEC −6.2% · $LTC −5.8% · $LINK −5.3% What this shows: when BTC drops, most big alts drop harder, even the ones everyone is watching. A popular coin is not a safe coin. Which of these are you watching? 👇 #Altcoins #CryptoMarket #OpenInterest #Ethereum #Solana #XRP #Hyperliquid #Pepe #Dogecoin #BNB #Cardano #Sui #Bitcoin #CryptoData