#UniswapA16zSeekDeFiExemptionFromIllinoisCryptoTax
Uniswap, venture capital firm a16z crypto, and the DeFi Education Fund (DEF) have submitted a joint comment letter to the Illinois Department of Revenue demanding that decentralized finance (DeFi) protocols be exempted from the state's upcoming draft crypto tax rules. [1, 2]
The Core Conflict
Illinois recently enacted the Digital Asset Tax Act (DATA), which introduces a first-of-its-kind 0.2% "privilege tax" on the total gross value of digital asset transactions—including transfers, exchanges, and storage—regardless of whether a user made a profit or loss. [1, 2, 3]
The state's draft regulations consider any platform charging "protocol fees" or operation fees as a "broker," effectively forcing them to act as tax collectors. [1, 2]
$DOT
$TRX
$ETC
#UniswapLaunch
#UniswapV3Deployment
#UniswapLabs
Uniswap, venture capital firm a16z crypto, and the DeFi Education Fund (DEF) have submitted a joint comment letter to the Illinois Department of Revenue demanding that decentralized finance (DeFi) protocols be exempted from the state's upcoming draft crypto tax rules. [1, 2]
The Core Conflict
Illinois recently enacted the Digital Asset Tax Act (DATA), which introduces a first-of-its-kind 0.2% "privilege tax" on the total gross value of digital asset transactions—including transfers, exchanges, and storage—regardless of whether a user made a profit or loss. [1, 2, 3]
The state's draft regulations consider any platform charging "protocol fees" or operation fees as a "broker," effectively forcing them to act as tax collectors. [1, 2]
$DOT
$TRX
$ETC
#UniswapLaunch
#UniswapV3Deployment
#UniswapLabs
