Blab Crypto
U.S. Crypto Regulation Advances: Illinois Tax, Stablecoin Rules, CBDC Ban, and Theft-Prevention Bill
On June 18 2026, a wave of regulatory and legislative moves swept across the United States, tightening oversight of the digital‑asset sector and setting new compliance standards for firms, issuers, and federal agencies.
First, Illinois Governor J.B. Pritzker signed the Digital Asset Tax Act on June 16. The law levies a 0.2 % tax on every distinct instance of exchanging, transferring, or storing a digital asset that is part of a business activity or performed on behalf of a customer. Effective January 1 2027, businesses that conduct such activities in Illinois—or provide services to Illinois residents—must register with the Illinois Department of Revenue, collect the tax at the point of sale, and remit it each month. The measure marks the first state‑level tax that applies directly to digital‑asset transactions, rather than to capital gains or income, and is intended to generate revenue for the state.
Second, a joint proposal released on June 18 by the Treasury’s Financial Crimes Enforcement Network (FinCEN), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, the FDIC, and the National Credit Union Administration implements the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposal requires permitted payment stablecoin issuers (PPSIs) to establish a customer identification program (CIP). The CIP would mandate written, risk‑based procedures for verifying a customer’s name, date of birth or business formation date, address, and government‑issued identification number. Importantly, the requirement applies only to primary‑market activity—issuance, redemption, and custodial services—and does not extend to secondary‑market transactions that occur solely through smart contracts.
Third, on June 17 a bipartisan group of senators—Tim Scott, Elizabeth Warren, French Hill, and Maxine Waters—updated the 21st Century ROAD to Housing Act. The amendment bars the Federal Reserve from issuing or creating a central bank digital currency (CBDC) until December 31 2030. The bill defines a CBDC as a U.S.‑denominated digital asset that is a direct liability of the Federal Reserve and widely available to the public. The prohibition does not preclude the Fed from issuing other dollar‑denominated, permissionless, private currencies that preserve the privacy protections of physical U.S. coins.
Fourth, the Securities Industry and Financial Markets Association (SIFMA) filed a comment letter to the Securities and Exchange Commission on June 16. The letter addressed the SEC’s Staff Statement on broker‑dealer registration of user interfaces used to prepare crypto‑asset securities transactions. SIFMA argued that the Staff Statement allows unregistered entities to receive transaction‑based compensation without broker‑dealer involvement, potentially creating a regulatory gap. The association called for formal rulemaking to establish oversight and reporting for “Covered User Interface Providers” (CUI Providers) and to clarify the treatment of custodial wallet providers, institutional users, and tokenized securities.
Fifth, on the same day a bipartisan group of senators sent a letter to Treasury Secretary Scott Bessent. The senators urged the Treasury to issue clear procedural guidance on state certification under Section 4(c) of the GENIUS Act. They expressed concern that the absence of timelines and procedural clarity could effectively foreclose state participation in stablecoin regulation. The senators requested confirmation that certification would remain available on an ongoing basis rather than as a one‑time window, citing the Act’s annual recertification requirement.
Finally, on June 11 Representatives Lance Gooden and Josh Gottheimer introduced the Federal Cryptocurrency Theft Enforcement and Coordination Act. The bill proposes a federal task force within the Department of Justice, comprising the FBI, DHS, Treasury, and other agencies, to coordinate investigations and prosecutions of cryptocurrency‑related theft. The legislation responds to a reported $11 billion in crypto‑related losses in 2025.
Collectively, these actions signal a tightening of regulatory oversight across multiple facets of the crypto ecosystem. Illinois’ tax will create a new compliance burden for exchanges and custodians operating in the state. The GENIUS Act proposal will bring stablecoin issuers under bank‑style customer‑identification requirements, potentially reshaping how issuers interact with customers. The CBDC ban limits the Federal Reserve’s digital‑currency ambitions for the next decade, while SIFMA’s letter and the senators’ request for guidance aim to clarify the regulatory status of wallet interfaces and state‑level stablecoin certification. The theft‑prevention bill adds a federal enforcement mechanism that could increase accountability for illicit activity.
The next steps include the Treasury’s response to the senators’ letter, the SEC’s potential rulemaking on user interfaces, and the legislative process for the theft‑prevention bill. The Illinois tax will take effect in January 2027, giving firms several months to prepare. The GENIUS Act proposal will be open for comment, and state regulators will need to decide how to align with the federal guidance. These developments underscore a growing trend toward more comprehensive and coordinated regulation of digital assets in the United States.
First, Illinois Governor J.B. Pritzker signed the Digital Asset Tax Act on June 16. The law levies a 0.2 % tax on every distinct instance of exchanging, transferring, or storing a digital asset that is part of a business activity or performed on behalf of a customer. Effective January 1 2027, businesses that conduct such activities in Illinois—or provide services to Illinois residents—must register with the Illinois Department of Revenue, collect the tax at the point of sale, and remit it each month. The measure marks the first state‑level tax that applies directly to digital‑asset transactions, rather than to capital gains or income, and is intended to generate revenue for the state.
Second, a joint proposal released on June 18 by the Treasury’s Financial Crimes Enforcement Network (FinCEN), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, the FDIC, and the National Credit Union Administration implements the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposal requires permitted payment stablecoin issuers (PPSIs) to establish a customer identification program (CIP). The CIP would mandate written, risk‑based procedures for verifying a customer’s name, date of birth or business formation date, address, and government‑issued identification number. Importantly, the requirement applies only to primary‑market activity—issuance, redemption, and custodial services—and does not extend to secondary‑market transactions that occur solely through smart contracts.
Third, on June 17 a bipartisan group of senators—Tim Scott, Elizabeth Warren, French Hill, and Maxine Waters—updated the 21st Century ROAD to Housing Act. The amendment bars the Federal Reserve from issuing or creating a central bank digital currency (CBDC) until December 31 2030. The bill defines a CBDC as a U.S.‑denominated digital asset that is a direct liability of the Federal Reserve and widely available to the public. The prohibition does not preclude the Fed from issuing other dollar‑denominated, permissionless, private currencies that preserve the privacy protections of physical U.S. coins.
Fourth, the Securities Industry and Financial Markets Association (SIFMA) filed a comment letter to the Securities and Exchange Commission on June 16. The letter addressed the SEC’s Staff Statement on broker‑dealer registration of user interfaces used to prepare crypto‑asset securities transactions. SIFMA argued that the Staff Statement allows unregistered entities to receive transaction‑based compensation without broker‑dealer involvement, potentially creating a regulatory gap. The association called for formal rulemaking to establish oversight and reporting for “Covered User Interface Providers” (CUI Providers) and to clarify the treatment of custodial wallet providers, institutional users, and tokenized securities.
Fifth, on the same day a bipartisan group of senators sent a letter to Treasury Secretary Scott Bessent. The senators urged the Treasury to issue clear procedural guidance on state certification under Section 4(c) of the GENIUS Act. They expressed concern that the absence of timelines and procedural clarity could effectively foreclose state participation in stablecoin regulation. The senators requested confirmation that certification would remain available on an ongoing basis rather than as a one‑time window, citing the Act’s annual recertification requirement.
Finally, on June 11 Representatives Lance Gooden and Josh Gottheimer introduced the Federal Cryptocurrency Theft Enforcement and Coordination Act. The bill proposes a federal task force within the Department of Justice, comprising the FBI, DHS, Treasury, and other agencies, to coordinate investigations and prosecutions of cryptocurrency‑related theft. The legislation responds to a reported $11 billion in crypto‑related losses in 2025.
Collectively, these actions signal a tightening of regulatory oversight across multiple facets of the crypto ecosystem. Illinois’ tax will create a new compliance burden for exchanges and custodians operating in the state. The GENIUS Act proposal will bring stablecoin issuers under bank‑style customer‑identification requirements, potentially reshaping how issuers interact with customers. The CBDC ban limits the Federal Reserve’s digital‑currency ambitions for the next decade, while SIFMA’s letter and the senators’ request for guidance aim to clarify the regulatory status of wallet interfaces and state‑level stablecoin certification. The theft‑prevention bill adds a federal enforcement mechanism that could increase accountability for illicit activity.
The next steps include the Treasury’s response to the senators’ letter, the SEC’s potential rulemaking on user interfaces, and the legislative process for the theft‑prevention bill. The Illinois tax will take effect in January 2027, giving firms several months to prepare. The GENIUS Act proposal will be open for comment, and state regulators will need to decide how to align with the federal guidance. These developments underscore a growing trend toward more comprehensive and coordinated regulation of digital assets in the United States.
