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The Blockchain Association, the Crypto Innovation Committee, in conjunction with the Illinois state government, the Digital Chamber of Commerce, and the Illinois Blockchain Association, submitted a joint motion to the Sangamon County Circuit Court, requesting the court to expedite the hearing of two lawsuits against the state's Digital Asset Tax Act. The state government has agreed to issue an injunction to suspend the effectiveness and enforcement of the Digital Asset Tax Act until July 1, 2027.In order to make a ruling on the legality of the tax law as soon as possible, the parties have proposed a timeline for expedited summary judgment submissions: the first round of motions is scheduled to be submitted on November 4, 2026, and all relevant submissions will be completed by January 22, 2027. The parties request the court to hold a hearing between February 8 and February 19, 2027, and request the court to make a ruling by March 1, 2027, to which the state government has no objection. This timeline is subject to court approval.

On Tuesday, the global semiconductor sector faced a massive sell-off, with the decline intensifying. The trigger was Broadcom CEO Hock Tan stating that AI investments have a "casino-like" nature. He mentioned in Singapore on Monday that many investors do not even know what they are investing in and that investors have set extremely high expectations, only to find that it is just like being in a casino.The world's two largest memory chip manufacturers, Samsung Electronics and SK Hynix, saw their stock prices plunge by 8.8% and 9.2% at one point during the morning session, dragging down South Korea's main stock index by 7%. The two companies account for about half of the weight in the Korea Composite Stock Price Index, and their stock prices have cumulatively dropped by about 15% over the past five days. The Taiwan Weighted Stock Index, dominated by chip stocks, fell by 2.5%, with TSMC down 2%; Micron Technology dropped nearly 4% overnight, and the Philadelphia Stock Exchange Semiconductor Index fell by 2.7%.

According to Bloomberg, Hock Tan, CEO of chip company Broadcom, stated at an event in Singapore on Monday that the artificial intelligence craze has attracted a group of investors with strategies similar to gamblers, some of whom have little understanding of what they are betting on. He mentioned that many investors "don't even know what they are investing in," setting extremely high expectations, resulting in a situation that is "almost like being in a casino," and specifically pointed to the investment frenzy driven by a lack of understanding of cutting-edge large language models.As the head of a company that designs key components for global data centers, Tan also questioned whether companies are wasting money on AI projects and the long-term economics of AI labs that are continuously losing money. He noted that ChatGPT developer OpenAI's annualized revenue reached $50 billion in September, indicating a viable model, but it does not guarantee long-term profitability; it is still losing money due to high training costs, and currently only suggests that cutting-edge generative models have significant potential revenue growth.Tan also warned that a lack of capital could become the next constraint on industry growth. The Australia-based data center company Firmus Grid, supported by Nvidia, withdrew its planned $5.5 billion IPO last week. Before Tan's remarks, DBS Group CEO Tan Su Shan stated that after a large amount of investment, the market is re-pricing the risks associated with AI financing.

Phoenix Technology cited a report from Business Insider stating that U.S. President Trump said on Thursday that anyone who does not use his preferred term Superintelligence (SI) will be considered an enemy of the White House. Trump posted on his social media platform that the White House believes anyone using the term Artificial Intelligence (AI) instead of what he calls the more accurate new term Superintelligence is an enemy. The report stated that the White House has begun the process of renaming Artificial Intelligence, with Trump stating that the term Artificial Intelligence implies that the technology is fake.The report also mentioned that at the end of September this year, Trump signed an executive order after meeting with industry leaders at the White House, requiring federal departments and agencies to use Superintelligence and SI instead of Artificial Intelligence and AI in official letters, public communications, websites, and other official communications to the maximum extent permitted by law. This order does not apply to private companies like OpenAI, as the White House does not have the legal authority to enforce it.The report further stated that SpaceX CEO Elon Musk posted on X that he will rename the Artificial Intelligence department SpaceXAI to SpaceXSI. The department was originally named xAI, and in February of this year, SpaceX announced the acquisition of Grok developer xAI, which was renamed SpaceXAI in July. As of Thursday afternoon, its X account still displayed as SpaceXAI. OpenAI CEO Sam Altman denied any renaming plans in an interview with the Politico podcast, stating that the company has been discussing Superintelligence extensively and will continue to do so in the future.

According to on-chain analyst Yu Jin's monitoring, the OG whale pinosaur.eth (0x0F8...605A) transferred 9,618 ETH (worth 24.58 million USD) to Kraken and liquidated it 6 hours ago, making a profit of 24.21 million USD, achieving a return of 65 times.The ETH can be traced back to 7,459 ETH withdrawn from Bitfinex in April 2017, when the price of ETH was 50 USD.

According to CoinDesk, the government of Illinois has reached an agreement with the Digital Chamber of Commerce and the Illinois Blockchain Association to postpone the 0.2% cryptocurrency tax, originally set to take effect on January 1, 2027, by 6 months to July 1, but still requires approval from a state circuit court judge.If the postponement is approved, both parties will temporarily suspend their request for an emergency injunction and continue litigation regarding the compliance, enforceability, and constitutionality of the tax law.

The Illinois Department of Revenue has released the legislative draft details of a 0.2% digital asset transaction tax, clarifying that stablecoins will be considered taxable digital assets, while non-fungible tokens are not subject to taxation. The draft stipulates that DeFi transactions are generally exempt; however, fees paid by users that are deemed "valuable consideration," such as protocol fees for operating or maintaining the platform, may trigger taxation.Only network fees and exchange fees paid to liquidity providers do not trigger this tax. Cross-chain bridging conducted through digital asset brokers and paid with consideration will be regarded as taxable exchange activities. If centralized exchanges charge fees when transferring to self-custody wallets, it may also be subject to taxation. This tax law was approved in June and is set to take effect on January 1, 2027. The Illinois Department of Revenue is seeking public comments on the draft, with a deadline of October 30.

The tokenized asset data platform RootData has officially reached a strategic cooperation with Coinone, a mainstream cryptocurrency exchange in South Korea. According to the cooperation arrangement, Coinone will access and utilize the data resources provided by RootData to write public research reports, conduct market trend monitoring and research, and systematically review the relevant information of assets listed on the platform.Coinone, established in 2014, is one of the earliest cryptocurrency exchanges in South Korea, with relatively strict internal standards for asset security and information disclosure. This cooperation will further enhance Coinone's capabilities in project information transparency and market analysis, helping it better serve users and comply with regulatory requirements.RootData's collaboration with the South Korean exchange also marks the extension of its data services to more mainstream trading platforms in South Korea. Currently, RootData has established data partnerships with a series of South Korean partners, including TokenPost, Etoday, Nexblock, Tiger Research, and Kimpga, with the total number of data partners exceeding 240.

The Solana ecosystem lending protocol Kamino has launched the sUSDai collateral market. This market is planned and operated by Allez Labs, and sUSDai is an asset linked to GPU loans.In this market, sUSDai holders can collateralize assets to borrow USDC, with a maximum loan-to-value ratio of 80%. Liquidation will be triggered when the collateralization ratio rises to 85%.

According to Catcher Predict monitoring, in the market prediction on Polymarket for the event "Counter-Strike: Luminosity vs 3DMAX - Logitech G Play Connect Playoffs," the "Luminosity" option in the sub-market "Map 1 Rounds Handicap: Luminosity (-3.5) vs 3DMAX (+3.5)" has experienced significant fluctuations in winning probability, rising from 34.5% an hour ago to the current 49.5% (a fluctuation of 15%). Please note the impact of related breaking news.

According to monitoring by Catcher Predict, in the market prediction event "Counter-Strike: B8 vs Luminosity - Logitech G Play Connect Playoffs" on Polymarket, the "B8" option in the sub-market "Map Handicap: B8 (-1.5) vs Luminosity (+1.5)" has experienced a dramatic fluctuation in winning probability, soaring from 35.5% an hour ago to the current 70% (a fluctuation of 34.5%). Please note the impact of related breaking news.

The Solana lending protocol Kamino announced the appointment of Michael Weisz (@WeiszM) as the new CEO.Kamino stated that Weisz has over twenty years of experience in fintech and private markets, and will lead the company into the next phase of institutional growth while expanding into the U.S. market.

According to Politico, U.S. Senate Minority Leader Chuck Schumer arranged a Democratic caucus meeting to discuss the Clarity Act on Sunday evening.The landmark cryptocurrency bill will face a Senate vote on Tuesday.

Valinor Digital announced the launch of the tokenized fund Valinor BDC Exposure Fund (VBDC), which holds a basket of publicly listed Business Development Company (BDC) stocks, providing qualified investors with exposure to private credit returns, supporting daily subscriptions and redemptions. The fund is issued as a series of the Superstate Asset Trust, custodied on Superstate's FundOS platform, and managed by Valinor Digital Capital.VBDC charges an additional 1.25% management fee on top of the existing BDC fee structure, with a daily redemption limit of 7.5% of net asset value. Currently, 499,157 shares of the fund have not been tokenized, and the VBDC token contract went live on Ethereum on September 1, with a total supply of zero and no transfer records. The Superstate asset page has marked the DeFi integration as "coming soon."VBDC is the fourth tokenized fund on the Superstate platform, pushing the total assets on the platform beyond $1 billion. Valinor was founded by former Blackstone GSO executive Connor Dougherty at the end of 2023 and completed a $25 million seed round led by Castle Island Ventures in March of this year, with participation from Apollo, Maven 11, and Neoclassic Capital.

According to official news, the on-chain risk protection platform OpenCover has announced the expansion of institutional-level risk protection to the Solana network. Eligible related positions can now obtain risk protection, with the first batch covering Kamino, Raydium, Orca, and Jupiter. The specific coverage scope, limits, and terms vary by protocol and position. OpenCover primarily provides on-chain risk protection for DeFi users and connects users with underwriters such as Nexus Mutual.After this expansion, Solana ecosystem users can also purchase related protection against risks such as smart contract vulnerabilities, oracle failures or manipulations, liquidation failures, and governance attacks. According to a previous announcement from Nexus Mutual, it has currently launched four protection projects on Solana: Kamino, Raydium, Orca, and Jupiter, covering nearly 90% of the funds in the Solana lending market. Among them, Kamino and Jupiter have over $1 billion and $925 million in lending deposits, respectively.OpenCover stated that this launch marks the starting point for its further expansion of risk transfer infrastructure on Solana. In the future, it will collaborate with protocols, asset management institutions, and liquidity providers to expand the range of positions eligible for protection.

According to The Block, the Blockchain Association and the Crypto Council for Innovation filed a preliminary injunction motion on September 9 in the Sangamon County Circuit Court in Illinois, requesting to halt the new cryptocurrency tax in the state before it takes effect. This summer, Illinois Governor J.B. Pritzker signed the Digital Asset Tax Act, which proposes a 0.2% tax on digital asset transactions, set to take effect in January 2027.Previously, the two associations, along with the Digital Chamber, filed a lawsuit against the state in August. In a 34-page motion, the organizations stated that the tax is unprecedented and has caused "irreparable harm" to industry members, and that if the bill takes effect, it will force businesses to comply hastily without clear guidance, facing the risk of criminal penalties. They also pointed out that the law violates the Illinois Constitution by implementing differential taxation on digital assets and contravenes the federal Internet Tax Freedom Act, which prohibits discriminatory taxes on e-commerce. The Illinois Governor's office has not yet responded to requests for comment.

According to the Central Daily News citing data from the National Tax Service, there were a total of 423 cases of inheritance and gifting of virtual assets in South Korea in 2025, amounting to 45.862 billion Korean won, which represents an increase of 2.4 times and 3.4 times year-on-year, respectively.Among these, there were 103 cases of gifting virtual assets to minors under 18 years old, totaling 4.034 billion Korean won, which is approximately 2.7 times the amount of 1.47 billion Korean won in 2024.South Korea plans to further strengthen tax regulation on virtual assets starting in 2027, incorporating VASPs such as Upbit and Bithumb into the unified inquiry scope for financial assets related to inheritance and gifting.

According to CoinDesk, the Crypto Innovation Committee (CCI) and the Blockchain Association filed a preliminary injunction motion on Wednesday in the Sangamon County Circuit Court of Illinois, requesting to suspend the enforcement of the state's digital asset transaction tax during the litigation. The tax rate is 0.2% and applies to entities headquartered in Illinois or providing services in the state with total revenue exceeding $100,000, which is set to take effect on January 1, 2027.The two lobbying organizations, along with the Digital Chamber, filed a lawsuit against Illinois last month, claiming that the tax violates the Internet Tax Freedom Act and the U.S. Constitution, and that Illinois's approach to taxing digital assets differs from other financial services.CCI CEO Ji Hun Kim stated that businesses are forced to spend millions of dollars to build compliance systems, yet basic issues such as the tax subjects and timing remain unclear. Blockchain Association CEO Summer Mersinger warned that if the law is enacted, Illinois will not be the last state to attempt this.

According to monitoring by Catcher Predict, in the event "US Open Tirante vs Mannarino" on the prediction market Polymarket, the "Tirante" option in the sub-market "Game Spread +/-3.5" experienced a sharp fluctuation in winning probability, soaring from 22.5% an hour ago to the current 50% (a fluctuation of 27.5%). Please note the impact of related breaking news.

According to Catcher Predict monitoring, in the predicted market Polymarket for the event "US Open ATP: Thiago Agustin Tirante vs Adrian Mannarino," the sub-market "US Open ATP: Thiago Agustin Tirante vs Adrian Mannarino" saw the winning probability of the option "Thiago Agustin Tirante" experience a drastic fluctuation, plummeting from 85.5% an hour ago to the current 11.5% (a fluctuation of 74%). Please note the impact of related breaking news.