Illinois is proposing a crypto tax so aggressive it could effectively ban decentralized finance (DeFi) in the state and the biggest players in Web3 are officially fighting back. Thankfully, the biggest players in Web3 just stepped in to stop it. Uniswap Labs, a16z, and the DeFi Education Fund just filed a joint demand to overhaul the state’s proposed 0.2% digital asset tax. The state's draft rules attempt to classify decentralized exchanges (DEXs) and self-custodial wallets as traditional corporate "brokers." The two most dangerous provisions? 1️⃣ The Private Key Honeypot: Forcing platforms to record customer private keys, creating a massive centralized target for hackers. 2️⃣ Taxing Your Own Money: Attempting to tax users simply for moving their own crypto from an exchange to a self-custodial wallet. Because of this massive pushback, Illinois is reportedly delaying the tax to 2027. You can read a copy of the letter to the Illinois Department of Revenue here: https://t.co/tuumWDpY2J