TREE NEWS update: Uniswap, Andreessen Horowitz (a16z) and the DeFi Education Fund are asking Illinois to exempt wallet withdrawals and cross-chain bridging from a proposed crypto tax calculated on asset value. The groups also want the state to drop a recordkeeping requirement tied to private keys, arguing the rules as drafted would burden DeFi users and infrastructure providers.
Uniswap, a16z, DeFi Group Seek Illinois Crypto Tax Exemptions
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AI take
This is a sector-level fight over tax design rather than a single protocol's fate: the outcome in Illinois could set a template for how states treat wallet withdrawals and bridging, which are core plumbing for DeFi rather than taxable events in themselves. The private-key recordkeeping objection is the sharper point, since compliance duties touching self-custody keys implicate infrastructure providers as much as end users. Whether other states adopt similar language, and whether the exemption requests are narrowed or rejected, is the open question worth tracking.
Generated by AI for reference only.
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