A16z, Uniswap Warn Illinois Crypto Tax Rules Could Effectively Ban DeFi

Venture capital giant Andreessen Horowitz (a16z), Uniswap Labs, and the DeFi Education Fund are urging Illinois regulators to overhaul proposed cryptocurrency tax regulations, warning that the rules could effectively prohibit decentralized finance (DeFi) activity in the state while exposing users to serious security risks. In a letter submitted Friday, Oct. 30 , the three organizations argued that the Illinois Department of Revenue’s proposed implementation of the Digital Asset Tax Act incorrectly treats decentralized exchanges (DEXs) as conventional financial brokers.

Also reported by The Defiant.

Source: Bitcoin.com News