a16z Frontier, DeFi Education Fund and Uniswap Oppose Proposed Illinois Tax Rules

a16z Frontier policy lead and general counsel Miles Jennings said the three organizations have joined opposition to Illinois’ proposed Digital Asset Tax Act rules, which could classify many decentralized exchanges (DEXs) as tax-collecting brokers. Jennings said the proposed implementation rules exceed the authority granted by the law. He also argued that autonomous software cannot carry out the tax-collection responsibilities the rules could place on DEXs. Jennings said the rules could also apply to asset transfers by Illinois residents that do not involve a trade. He compared that possibility with taxing transfers between checking and savings accounts.

Source: TokenPost