CFTC Chairman: Illinois Crypto "Sin Tax" Legislation Could Threaten Chicago's Status as a Financial Hub

U.S. Commodity Futures Trading Commission (CFTC) Chairman Mike Selig posted on platform X, stating that Illinois' legislation imposing a so-called "sin tax" on blockchain technology could jeopardize Chicago's future status as a financial market center. The bill even taxes transfers of crypto assets that have not generated any economic returns. Mike Selig referred to it as "slow-motion legislation" and stated that the bill would transform residents' property rights from "inherent rights" to "permission-based privileges."

Mike Selig added that, against the backdrop of blockchain technology continuously reshaping financial markets, choosing to tax crypto wallets over policy options that drive economic growth may historically be regarded as a turning point or even a sign of decline for Chicago's financial development.