HUGE FIGHT FOR DeFi IN ILLINOIS TODAY!
Uniswap Labs + a16z + DeFi Education Fund just filed a joint letter to Illinois Department of Revenue - LAST DAY of comments (Oct 30) - to SAVE DeFi from insane crypto tax.
What Illinois Wants:
0.2% TAX on the TOTAL VALUE of asset - not just fee!
You trade $10,000 - you pay $20 tax to state.
You withdraw to your own wallet? TAX.
You bridge to another chain? TAX.
Even stablecoins = TAX. NFTs only thing excluded.
Industry calls it "most anti-crypto law in America" - passed June 16 as part of $55.9B budget, starts Jan 1, 2027.
What Uniswap / a16z / DEF Demanding:
1. DEXs and interfaces are NOT brokers - can't be tax collectors, they don't hold your assets
2. Wallet withdrawals to YOUR OWN wallet = EXEMPT
3. Cross-chain bridging = EXEMPT
4. Protocol fees / Interface fees ≠ taxable "valuable consideration"
5. Delete private-key recordkeeping requirement
6. DELAY enforcement to July 1, 2027 minimum - wait for court to decide legality
Their message: "Keep DEXs and interfaces out of the broker definition, protect self-custody, and don’t tax when we move our own assets"
If Illinois gets away with this, every state will copy. This is the DeFi vs State tax battle.
Do you support DeFi exemption?
#Illinois #DeFi #Uniswap #cryptotax
#UniswapA16zSeekDeFiExemptionFromIllinoisCryptoTax
$BTC $ETH $SOL
Uniswap Labs + a16z + DeFi Education Fund just filed a joint letter to Illinois Department of Revenue - LAST DAY of comments (Oct 30) - to SAVE DeFi from insane crypto tax.
What Illinois Wants:
0.2% TAX on the TOTAL VALUE of asset - not just fee!
You trade $10,000 - you pay $20 tax to state.
You withdraw to your own wallet? TAX.
You bridge to another chain? TAX.
Even stablecoins = TAX. NFTs only thing excluded.
Industry calls it "most anti-crypto law in America" - passed June 16 as part of $55.9B budget, starts Jan 1, 2027.
What Uniswap / a16z / DEF Demanding:
1. DEXs and interfaces are NOT brokers - can't be tax collectors, they don't hold your assets
2. Wallet withdrawals to YOUR OWN wallet = EXEMPT
3. Cross-chain bridging = EXEMPT
4. Protocol fees / Interface fees ≠ taxable "valuable consideration"
5. Delete private-key recordkeeping requirement
6. DELAY enforcement to July 1, 2027 minimum - wait for court to decide legality
Their message: "Keep DEXs and interfaces out of the broker definition, protect self-custody, and don’t tax when we move our own assets"
If Illinois gets away with this, every state will copy. This is the DeFi vs State tax battle.
Do you support DeFi exemption?
#Illinois #DeFi #Uniswap #cryptotax
#UniswapA16zSeekDeFiExemptionFromIllinoisCryptoTax
$BTC $ETH $SOL
Yes
No
6 day(s) left