Tax Considerations of MKR Delegation (US)

In the US, certain token swaps are considered taxable events (eg. Swapping MKR to USDC) and others are non-taxable if they are equivalent items (eg. Swapping ETH to wETH). My understanding is that when you delegate your MKR token to the Governance Contract, you receive back an IOU Token in return. This IOU token is then redeemable for the original MKR in the same quantity. To be this would not appear to be a taxable event, but am curious if anyone has consulted with a tax professional regarding this?


“equity for equity exchanges” broadly not a taxable event - we view these as comparable to an issuer’s exchange or conversion of a class of shares … obviously check with your own advisor or counsel