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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.

$YGG Cryptocurrency wallet Suiet is shutting down, adding to a series of closures and service withdrawals in the Sui ecosystem. Suiet, a self-custodial wallet built for the Sui blockchain, said in a notice that it will stop updating and supporting its wallet, with API services set to end after Nov. 14. The shutdown comes as the Sui network has seen a sharp decline in decentralized finance (DeFi) activity. Sui’s total value locked (TVL) stood at about $413 million on Wednesday, down more than 22% over the past month, according to DefiLlama data. Data from Token Terminal shows that Sui averaged about 128,000 daily active users in October, down from 601,000 in November 2025 – or around a 79% drop. Meanwhile, other recent closures have also raised concerns about the costs and challenges of keeping projects running on the Sui network. “Sui’s problems seem to mostly be of an economic nature resulting from expensive engineering costs and low user volume rather than protocol failures,” Kadan Stadelmann, former chief technology officer of Komodo Platform, told Cointelegraph. “No flaw in the system’s core design has been found.” Cointelegraph reached out to the Sui Foundation and Suiet for comment but had not received responses by publication. Related: Sui DeFi protocol Full Sail to wind down after Switchboard incident Recent closures and departures Suiet’s shutdown immediately follows the Sui-based hardware wallet project Suiball also announcing its closure on Nov. 10. Meanwhile wallet provider Phantom ended support for Sui in September. DeFi project Full Sail also shut down following a security incident involving Switchboard that caused about $91,000 in losses. Despite the decline in active users, transactions on Sui have increased, reaching 324 million in October, up from 101 million in November 2025, according to Token Terminal. However, more transactions do not necessarily mean more users, and wallet providers must still decide whether supporting the network is worth the cost, according to Stadelmann. “Multi-chain wallets have expansive attack surfaces, and Sui’s approach adds costs for vendors who can take their business to less capital intensive chains,” he said. “Any individual failure of a multi-chain wallet is more a reflection of the risks rather than an indictment of any given protocol.” A series of outages Sui has also experienced four network outages in 2026, resulting in around 22 hours of combined downtime, according to reports published by the Sui Foundation. The network stopped processing transactions for about six hours in January, followed by three more outages on May 28 and 29. The May disruptions were linked to software bugs, including problems introduced by a network update, the Sui Foundation said at the time. By comparison, rival blockchain Solana has not recorded a network-wide outage since February 2024, when it went offline for nearly five hours. Meanwhile, Aptos, which uses the same underlying smart contract programming language as Sui, last reported a mainnet outage in October 2023. Network outages are significant because they can prevent DeFi users from trading, transferring funds or managing positions, although the Sui Foundation said no user funds were at risk during its May disruptions. Magazine: Wall Street killed Bitcoin’s wild rallies: 10x’s Markus Thielen

Trade Update: APT/USDT Short IN: 0.5559 OUT: 0.51555101 SL: 0.5783161 Setup Score: 65/100 | R:R: 1:1.8 Daily downtrend ✓, 4H aligned ✓, 1H momentum ✓, ADX 34. Below EMAs (trend cont.), RSI 33 in sell zone ✓, Bearish reversal candle ✓. Broke support 0.5534 ✓, Lower highs pattern ✓. Rising volume ✓, Real participation ✓. MACD hist negative, accelerating ✓. Funding 0.0021% neutral. R:R 1.8 >= 1.8, Optimal SL buffer (4.0%) ✓. Always DYOR and manage risk.

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