Uniswap Labs, a16z, and the DeFi Education Fund Urge Illinois to Exclude DeFi from Digital Asset Tax Rules

Odaily reports: Uniswap Labs, a16z, and the DeFi Education Fund have submitted comments on Illinois' draft rules for taxing digital asset transactions, requesting that DeFi protocols, front-end interfaces, and self-custodial withdrawals be excluded from the scope of taxation, that wallet withdrawals and cross-chain bridge operations be excluded from taxes levied on asset value, and that private key record-keeping requirements be eliminated. Previously, the Illinois Department of Revenue released draft rules proposing a 0.2% tax on digital asset transactions, with the comment period running until October 30. The state has agreed to delay the effective date and enforcement of the Digital Asset Tax Act until July 1, 2027.