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Miles Jennings has strongly criticized Illinois’ newly passed Digital Asset Privilege Tax Act, describing it as one of the most restrictive crypto laws in the United States.

The legislation introduces a 0.2 percent tax on activities involving digital assets, including exchanges, transfers, and custody. Critics argue that it provides no meaningful exemptions for routine actions such as self custody movements, effectively placing additional costs on everyday crypto users.

Growing Industry Opposition

Jennings noted that no other US state currently imposes a transaction based tax specifically on cryptocurrency, and comparable taxes do not exist for traditional financial instruments such as stocks, bonds, or derivatives. He argued that this effectively singles out digital assets, potentially conflicting with federal law.

His comments align with concerns raised by the Crypto Council for Innovation in a letter sent on June 16 to Illinois Governor J.B. Pritzker, urging him to veto the bill.

The group warned that the law could place disproportionate burdens on individuals simply for holding or using digital assets, potentially driving both users and businesses out of Illinois. It also criticized the legislative process, stating that key stakeholders were not given sufficient opportunity to provide input.

Jennings also argued that the timing of the bill was inconsistent with Illinois’ recent adoption of the Digital Asset and Consumer Protection Act, which he described as a more balanced and innovation friendly approach to blockchain technology.

He added that instead of supporting technological innovation and cost efficient blockchain solutions, the state risks discouraging entrepreneurs and crypto users through punitive taxation.

Tax Policy Becomes a Key National Debate

The Illinois legislation arrives as US lawmakers continue working toward a broader federal framework for digital asset taxation. The Crypto Council for Innovation argued that the state should have waited for national standards to be established, warning that early state level action could lead to a fragmented “patchwork” of inconsistent regulations across the country.

This concern echoes broader discussions in Washington. Earlier in the month, Lawrence Zlatkin testified before the House Ways and Means Committee, advocating for simplified federal rules. His proposals included treating regulated stablecoins as cash equivalents and introducing small transaction exemptions.

The committee hearing examined several proposed bills aimed at modernizing US tax rules for digital assets.

Jennings summarized the broader concern in a post on X, stating that when jurisdictions impose discriminatory, asset specific taxes that push builders and users elsewhere, the entire ecosystem ultimately suffers.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Bitcoin came under pressure after the Federal Reserve, now led by new Chair Kevin Warsh, decided to keep interest rates unchanged at its latest Federal Open Market Committee meeting.

The central bank maintained its benchmark rate within the 3.5 percent to 3.75 percent range, a widely expected outcome that initially triggered only mild volatility in Bitcoin’s price. However, concerns remain that future rate hikes could still be on the table later in the year.

This meeting marked Warsh’s first policy decision since taking over leadership of the Fed. The outcome was largely seen as a non event by analysts, including David Wessel, director of the Hutchins Center on Fiscal and Monetary Policy at Brookings, who noted that while the decision itself carried little surprise, Warsh now has meaningful influence over the Fed’s future direction after years of vocal criticism of its policies.

Investor sentiment ahead of the meeting was divided. A Bank of America fund manager survey showed that 55 percent of respondents expected Warsh to adopt a hawkish stance during his press conference. However, US economist Stephen Juneau disagreed, arguing instead that Warsh would likely take a more dovish tone.

Bitcoin saw choppy trading in the hours leading up to the announcement. The asset briefly dropped below $65,000 before rebounding to around $66,400. However, it quickly reversed lower, falling by more than $1,000 shortly after the Fed confirmed that rates would remain unchanged.

Previous analysis from crypto market observers suggested that this first FOMC meeting under Warsh, along with his initial press conference, could represent one of the most significant macroeconomic events for the digital asset market this year.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

BEAT has plunged by more than 43 percent in a single day, prompting comparisons with the recent collapse of SIREN as the broader crypto market weakens alongside Bitcoin’s decline below $65,000.

Bitcoin’s recent recovery attempt was cut short after it failed to hold above $67,000 earlier in the week. The asset is now trading below $65,000, showing signs of fading momentum.

Most major altcoins have also moved lower. Large cap tokens including BNB have slipped toward $600, XRP has fallen to around $1.20, and Cardano has dropped more than 6 percent.

Bitcoin Loses Momentum After Brief Rally

Bitcoin initially rebounded strongly after an early June selloff that pushed it below $60,000 for the first time since November 2024. Buyers quickly stepped in near the $59,000 level, preventing further downside and driving a recovery toward $64,000 by the start of the following week.

The asset then traded in a narrow range between $61,000 and $64,000 for several days before geopolitical developments involving tensions between the United States and Iran influenced market sentiment.

After reports of a potential agreement between Washington and Tehran, markets reacted positively, and Bitcoin surged to $66,000 on Monday before briefly touching $67,000.

However, the rally stalled at that level, and Bitcoin has since reversed gains, falling back below $65,000.

Its market capitalization has declined to roughly $1.3 trillion, while market dominance has slipped to around 56.2 percent as altcoins lose ground.

Altcoin Market Turns Lower With Sharp Declines

Ethereum was rejected near $1,850 and is now trading around $1,770 following another daily decline. Other major cryptocurrencies are also under pressure, with BNB nearing a breakdown below $600 and XRP continuing its slide to $1.20.

Solana has dropped below $73, while Dogecoin is down nearly 3 percent. Zcash has fallen close to 4 percent.

Further losses include ADA down 6 percent, Bitcoin Cash down 5 percent, and similar declines in TAO and CRO. NEAR Protocol has seen one of the steepest drops, falling more than 8 percent to below $2.30.

BEAT has become one of the most volatile assets in the market, collapsing more than 40 percent in a single day. The sharp decline has drawn comparisons to SIREN’s recent crash, where the token nearly lost its entire value following a large whale exit.

Overall, the total crypto market capitalization has fallen by roughly $40 billion in a single day and now stands just above $2.32 trillion.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Crypto investors are closely watching the Federal Open Market Committee meeting on Wednesday, June 17, as it marks the first policy decision under new Federal Reserve Chair Kevin Warsh. According to Gracy Chen, this meeting could become one of the most significant macroeconomic events for digital assets this year.

Chen believes the current economic environment presents a complex challenge. Inflation remains persistent, the White House is seeking easier liquidity conditions, and internal divisions within the Federal Reserve appear more pronounced than they have been in years.

Warsh’s Tone Could Shape Market Direction

Most market participants do not expect an interest rate change at this meeting, with a decision to hold rates largely priced in.

However, analysts argue that the focus should not be on the rate decision itself but rather on the updated dot plot and, most importantly, Warsh’s first press conference as Fed chair.

Chen emphasized that crypto now behaves as a true cross asset market, moving alongside traditional financial assets rather than following purely crypto specific narratives.

She noted that the idea of crypto trading only on internal market stories is outdated. Instead, Bitcoin, US equities, gold, foreign exchange markets, and commodities are all responding to the same macroeconomic question, namely where liquidity will flow next.

If Warsh adopts a hawkish stance, Chen expects the US dollar to remain strong while gold and risk assets, including cryptocurrencies, could face increased pressure.

On the other hand, a more dovish tone could trigger a relief rally across both traditional markets and digital assets. Still, she cautioned that investors may question whether easing is justified while inflation remains elevated.

Recent market data supports this uncertainty. A June 16 analysis by Charlie Bilello showed that Bitcoin and gold are the only major asset classes in negative territory in 2026 so far. Bitcoin has fallen 27 percent year to date, while the S&P 500 has gained 9 percent and small cap stocks have risen 19 percent.

Mixed Sentiment Ahead of the Meeting

Market sentiment remains divided as investors prepare for the Fed announcement.

A previous analysis from XWIN Research suggested that Warsh may prioritize balance sheet reduction over immediate rate cuts. This could mean continued quantitative tightening, which would reduce market liquidity and potentially weigh on risk assets even if rates remain unchanged.

Despite these concerns, some investors remain optimistic.

Ran Neuner said he is highly bullish heading into the meeting. He believes any signal indicating the Fed is moving away from a tightening path could benefit risk assets, especially if inflation expectations continue easing alongside lower oil prices.

Not everyone shares that optimism. Market analyst HaKai pointed out that Bitcoin has historically declined after many FOMC meetings. HaKai also noted that Bitcoin’s recent rebound from $59,000 stalled near $67,000 earlier this week, suggesting there may still be room for downside movement.

Because of this uncertainty, traders are being advised to avoid making impulsive decisions immediately after the announcement.

At the time of writing, Bitcoin was trading near $65,000, down roughly 2 percent over the past 24 hours but still up nearly 6 percent over the last seven days.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Binance has pushed back against recent claims from Reuters suggesting the crypto exchange could soon lose access to the European Union market. The company has reassured users that it remains focused on securing the regulatory approval needed to continue operating across the region.

According to Reuters, citing sources familiar with the matter, Binance may be forced to stop serving EU customers as early as next month if its application for a critical regulatory license is rejected.

The issue centers on the European Union’s Markets in Crypto Assets framework, commonly known as MiCA. Under these regulations, crypto companies operating in the EU must obtain authorization from a national regulator to continue offering services.

Regulatory Pressure Builds in Europe

The report stated that Binance’s application, submitted through Hellenic Capital Market Commission, is expected to be denied. If that happens, Binance would lose the authorization required to legally serve customers in the EU after the June 30 deadline.

Such a development would represent one of Binance’s most significant regulatory challenges in Europe since MiCA came into force. The framework was introduced to establish a unified regulatory structure for crypto firms across the region, with member states increasingly tightening oversight.

Despite the concerns raised in the report, Binance strongly disputed the claims. A company spokesperson stated that the exchange has been actively working with regulators for approximately 18 months and believes the Greek regulator has completed its review, with the application meeting compliance requirements.

Binance also emphasized that it has not received any official communication from the regulator indicating its application is likely to be rejected.

In a statement shared on X, the company reaffirmed its commitment to securing its MiCA license and operating under a unified European regulatory framework.

Binance stated that with more than 1,500 compliance professionals worldwide, it remains focused on working closely with regulators while keeping user interests at the center of its decisions.

CEO Richard Teng Reassures Users

Richard Teng also addressed the situation, emphasizing Binance’s long term commitment to Europe.

He stated that the company remains fully dedicated to obtaining its MiCA license and is prepared to operate under what he described as a fair, predictable, and harmonized European regulatory framework.

In a follow up message, Teng reassured Binance’s millions of users that their assets remain safe and secure despite the ongoing regulatory uncertainty.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Revenue generation is becoming a major factor separating altcoin projects with long term potential from those unlikely to survive.

According to Ki Young Ju, the era when altcoins could thrive purely on hype and token launches is coming to an end. He believes only a few categories of altcoins are well positioned to remain relevant in the future.

Narrative Driven Tokens Are Losing Relevance

In a Wednesday post on X, Ki Young Ju argued that altcoins are not disappearing entirely, but projects built solely around market hype and speculative narratives are likely to fade away.

He explained that selective exposure to a smaller group of altcoins still makes sense in 2026, especially those backed by real revenue, strong business models, and alignment with broader financial trends.

The first category he identified consists of global internet companies with tokenized ecosystems. Examples include Binance and the TON Foundation ecosystem with its GRAM token.

According to Ju, these tokens are supported by businesses that generate real revenue, have established user bases, and demonstrate long term operational strength. In some cases, he believes launching a token may offer greater advantages than pursuing traditional stock market listings.

The second category includes decentralized finance projects with sustainable revenue models. Ju pointed to Hyperliquid as a prime example, highlighting its decentralized exchange and strong market performance.

He noted that tokens tied to high quality DeFi projects can still deliver significant upside, particularly when backed by credible teams, strong revenue streams, and governance structures that protect token holders.

Hyperliquid’s HYPE token has recently shown impressive momentum, climbing more than 31 percent over the past week and nearly 70 percent over the last month. Strong ETF inflows and active trading around SpaceX linked perpetual contracts helped drive the token to a new all time high above $76 on June 16.

Stablecoins, RWAs, and AI Could Lead the Next Growth Cycle

The third category includes projects aligned with major financial trends. Ju specifically highlighted stablecoins, real world asset tokenization, and AI agents as sectors with strong long term growth potential.

He believes these areas are better positioned because they support practical use cases and real economic activity rather than pure speculation.

Market Momentum Is Shifting Toward Utility

Ju’s perspective reflects a broader transformation in the crypto market, where investors are increasingly moving away from purely speculative assets and toward projects offering real utility and sustainable revenue.

This shift is particularly evident in the meme coin sector. Data from CryptoRank shows that meme coins, which once held a combined market value above $135 billion, have fallen to around $24.5 billion over the last two years. The sector alone has declined by roughly 31 percent this year.

At the same time, growing interest in stablecoins and tokenized stocks suggests the market is increasingly favoring blockchain applications that support genuine business activity and long term value creation.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Coinbase, the largest cryptocurrency exchange in the United States, is expanding globally with plans to introduce tokenized stock trading for customers outside the US.

The company announced on Tuesday that tokenized stock trading will begin in August for international users. These digital assets will be fully backed on a one to one basis by the underlying stocks and will represent genuine equity ownership. Holders will receive benefits such as dividend payments and full shareholder rights, while also gaining access to the flexibility of the onchain economy.

Tokenized Stocks Meet Crypto Utility

This new offering combines traditional stock ownership with the advantages of blockchain technology. Investors will be able to trade stocks beyond regular market hours, creating greater flexibility for global participants.

In addition, tokenized stocks can be used in several ways within the crypto ecosystem. Users can lend them out to earn yield, use them as collateral for loans, or transfer them directly to other users.

Brian Armstrong, CEO of Coinbase, said the product delivers the benefits of true ownership while unlocking the advantages of tokenized assets. He described the launch as a major step toward expanding global access to US financial markets.

Coinbase also revealed plans to roll out options trading for both cryptocurrencies and stocks directly on its platform. Options contracts give traders the right, but not the obligation, to buy or sell assets at a predetermined price, unlike futures contracts, which involve fixed obligations.

The company is also introducing real world asset perpetual futures, offering exposure to sectors such as artificial intelligence, China, defense, and technology.

Pre IPO Perpetual Futures Gain Momentum

Coinbase’s recently launched pre IPO perpetual futures are also attracting strong interest. These products allow investors to gain exposure to high profile private companies before they officially list on public markets.

The first offering features SpaceX, with plans to expand to companies such as Anthropic and OpenAI.

Pre IPO perpetual futures have grown rapidly in popularity over recent months, especially ahead of SpaceX’s IPO last week. According to CryptoQuant, trading volume across major exchanges has surged by 1,100 percent since early May, reaching approximately $12 billion. Binance currently dominates this market segment.

Tokenized stocks still represent a relatively small portion of the broader tokenized real world asset market. Data from RWA.xyz shows tokenized stocks account for just 5 percent of total onchain RWA value, or about $1.5 billion.

Ondo Finance currently leads the tokenized stock market with 59 percent market share, followed by Backed Finance at 32 percent.

Coinbase CEO Criticizes Traditional Banks

During an interview with Fox News on Tuesday, Brian Armstrong accused major banks of resisting the administration’s crypto friendly policies.

He argued that traditional financial institutions are focused on protecting profit margins at the expense of everyday consumers.

Banks are particularly concerned about stablecoin yields, which often offer significantly higher returns than traditional savings accounts. Financial institutions worry that customers may move deposits into crypto based products to earn better returns, reducing funds held in conventional banking systems.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Although current levels of realized losses confirm that the market is in deep bearish territory, they have not yet reached the level typically associated with a definitive market bottom.

After intense selling pressure pushed Bitcoin (BTC) below $60,000 two weeks ago, analysts pointed to on chain data suggesting that sellers may be nearing exhaustion. This view is further supported by improving macroeconomic conditions.

Analysts at Bitfinex believe the market is moving into a late stage capitulation phase rather than a broader distribution cycle. This indicates sustained selling pressure from previous Bitcoin buyers, including ETF investors and treasury companies.

Bitcoin Sellers Are Reaching Exhaustion

Recent Bitcoin buyers began selling aggressively after BTC dropped below $75,000.

Since then, demand for Bitcoin has shown little sensitivity to price changes. These investors are realizing losses at an increasing rate, highlighted by $1.35 billion in daily realized losses during the first trading week of June.

As selling pressure continues, analysts say the market appears to be entering a transition phase that reflects a typical post liquidation structure. This type of market behavior often emerges after the main wave of forced selling from distressed investors starts to fade.

Even though current realized losses clearly indicate deep bearish conditions, they still fall short of the levels needed to confirm a market bottom. Analysts believe future demand will determine whether the current consolidation becomes a strong support zone or simply a temporary pause before another decline.

Analysts explained that market activity shows seller exhaustion occurring alongside improving macro conditions, which differs from genuine buying demand. Price behavior under these conditions can vary significantly. As a result, despite the recent recovery, bulls still face major obstacles before a sustained uptrend can develop.

Demand Remains the Key Driver

Reflecting on market movements from June 5, Bitfinex analysts believe crypto market lows may have anticipated a wider selloff across global risk assets. For the first time in six years, correlations between risk assets weakened, with commodities, equities, and yields all moving lower.

Although most risk assets, including Bitcoin, have recovered, the U.S. macro environment continues to be shaped by inflation, energy markets, and monetary policy. There is also cautious optimism due to easing geopolitical tensions, especially signs of a possible agreement between the United States and Iran. If such an agreement is finalized, it could influence broader macro conditions that affect digital asset markets.

Regardless of geopolitical developments, liquidity remains a more important factor than traditional safe haven narratives. As a result, demand continues to be Bitcoin’s biggest challenge in achieving a sustained upward rally.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Avalanche has become the center of heated discussions within the crypto community as concerns mount over whether the network is struggling to keep pace with faster expanding competitors.

Despite a broader market recovery, AVAX emerged as one of the most talked about digital assets on Monday, with social media sentiment increasingly dominated by skepticism about the project’s long term growth prospects.

According to data from Santiment, many traders and investors are questioning whether Avalanche can continue to compete effectively against rival blockchains such as Solana and Sui, both of which have seen rapid ecosystem expansion in recent months.

Concerns Grow Over Developer and User Activity

A significant portion of the criticism directed at Avalanche revolves around fears that developers, users, and new projects are gravitating toward competing networks.

Santiment noted that sentiment surrounding AVAX has shifted dramatically. Earlier this year, the asset enjoyed one of its most optimistic periods. That enthusiasm has since faded, giving way to one of the most bearish stretches in recent memory.

However, the analytics firm pointed out that extreme pessimism can occasionally serve as a contrarian indicator. Historically, periods of widespread negativity have sometimes preceded unexpected market reversals.

Despite the criticism, Avalanche continues to benefit from several strengths, including institutional partnerships, government related initiatives, and its customizable subnet technology, which remains one of the network’s defining features.

Avalanche Trails Rivals in Developer Activity

Fresh data from Electric Capital’s Developer Report appears to reinforce concerns about Avalanche’s relative growth.

The report found that Solana currently leads among full time developers, defined as contributors who work at least ten days per month on a project, with 795 developers actively building on the network.

Sui ranked second with 202 full time developers, while Avalanche followed with 168.

The gap becomes even more pronounced when looking at total developer participation. Solana recorded 2,555 developers, compared with 656 for Sui and 484 for Avalanche.

Electric Capital emphasized that these figures account only for original code contributors, excluding activity related to merged pull requests, forked repositories, and automated bots.

The data has fueled concerns that Avalanche may be losing ground in one of the most critical areas of blockchain growth: attracting and retaining developers.

AVAX Price Performance Shows Mixed Signals

From a market perspective, AVAX has managed to participate in the broader crypto rebound.

The token briefly traded above $7 this week and posted gains of nearly 4 percent over the past 24 hours.

Part of the renewed attention surrounding Avalanche stems from its partnership with FIFA during the ongoing 2026 World Cup.

FIFA is leveraging a customized Avalanche blockchain to power fan experiences that include ticketing solutions, loyalty programs, and digital collectibles.

The Layer 1 initiative, first announced in May 2025, serves as the foundation for FIFA Collect, the organization’s official collectibles platform developed in collaboration with Modex.

Through the platform, supporters can obtain Right to Ticket collectibles that provide access to a dedicated portal offering opportunities to secure official World Cup tickets ahead of matches.

The high profile partnership has reportedly helped introduce new users to the Avalanche ecosystem and strengthened the network’s visibility on the global stage.

The Bigger Picture

While short term price action and major partnerships have provided reasons for optimism, Avalanche still faces notable challenges.

AVAX remains down more than 26 percent over the past month and has declined by over 76 percent from its September 2026 peak of $30.

The contrasting narratives surrounding Avalanche reflect a network at a crossroads. Supporters point to its institutional relationships, innovative subnet architecture, and global partnerships as evidence of long term potential. Critics, meanwhile, argue that slowing developer growth and intensifying competition from emerging blockchains could threaten its position in an increasingly crowded market.

Whether the current wave of fear proves justified or ultimately marks a turning point for AVAX remains one of the most closely watched questions in the crypto industry today.#crypto#cryptonews https://coinsignals.nethttps://t.me/coinsignalpublic

The meme coin market has endured a prolonged downturn since reaching its peak in 2024, with both established names and newer entrants suffering steep losses.

Data from CryptoRank shows that the sector has erased more than $110 billion in market value since its highs, highlighting the dramatic reversal that has taken place across one of crypto’s most speculative corners.

Meme Coin Momentum Continues to Fade

At the height of the previous cycle in 2024, the combined value of meme based cryptocurrencies stood at approximately $135 billion. Since then, however, the market has struggled to regain its footing.

Despite several attempts at recovery throughout 2025, the sector has failed to recapture the enthusiasm that once fueled explosive gains. This year alone, meme coins have declined by roughly 31 percent, reducing the category’s total market capitalization to about $24.5 billion.

CryptoRank analysts summarized the situation in a post on X, noting that repeated rebounds have done little to restore the momentum seen during the previous cycle.

As a result, traders who once benefited from the meme coin boom have surrendered a significant portion of their profits.

Major Meme Coins Continue to Slide

Dogecoin remains the dominant force within the meme coin ecosystem. With a market capitalization of around $13.7 billion, it still ranks among the largest cryptocurrencies overall.

Even so, Dogecoin has not escaped the broader decline. According to CryptoRank, the token has dropped 20.5 percent over the past month.

Shiba Inu, the second largest meme coin by market value, has also struggled. The asset has fallen nearly 14 percent during the same period, leaving it with a market capitalization of roughly $3 billion.

PEPE has experienced even steeper losses. The token’s valuation now stands at approximately $1.25 billion after declining more than 21 percent over the last 30 days and plunging 74 percent over the past year.

Further down the rankings, Bonk, Fartcoin, and dogwifhat have each recorded monthly declines ranging between 15 percent and 30 percent.

Official Trump has also remained under pressure, posting a 12.2 percent decline while trading below $2 at the time of writing.

Among the major meme coins, Bonk has proven relatively resilient, although it is still down 69 percent over the past year. Fartcoin has been hit the hardest, losing more than 89 percent of its value over the same period. Despite that decline, it managed to stage a modest rebound, gaining nearly 5 percent within the last 24 hours.

Smaller Tokens Defy the Trend

While the broader meme coin market remains under pressure, a handful of smaller projects have delivered extraordinary gains.

Kintara has surged an impressive 2,664 percent over the past month, while Original Doge has climbed 1,765 percent during the same period.

However, these outsized returns come from a much smaller base. Combined, the two projects have market capitalizations of less than $20 million, making them insignificant compared with the sector’s heavyweight names.

Dogecoin Remains the Sector’s Barometer

Of the meme coin market’s current $24.5 billion valuation, Dogecoin alone accounts for more than half with its $13.7 billion market capitalization.

Although the token has lost more than 50 percent of its value over the past year, some analysts believe it could still have room for a recovery.

Market intelligence firm Alphractal noted that Dogecoin is trading near levels that have historically preceded significant price advances. The company also suggested that sentiment toward the asset has become excessively bearish.

“The market is treating DOGE as a dead meme,” the firm stated. “The chart, however, suggests it may be a coiled spring.”

Whether Dogecoin can once again ignite enthusiasm across the meme coin space remains uncertain. For now, the sector continues to grapple with the aftermath of one of the sharpest declines in its history, even as pockets of speculative optimism persist among smaller tokens.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic