U.S. CFTC Chairman: Illinois Cryptocurrency "Sin Tax" Legislation May Threaten Chicago's Financial Center Status

Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated on the X platform that Illinois' legislation implementing a so-called "sin tax" on blockchain technology could jeopardize Chicago's future status as a financial market center.

The bill even imposes taxes on the transfer of cryptocurrency assets that have not generated any economic benefits. Mike Selig referred to it as "slowdown legislation" and stated that the bill transforms residents' property rights from "inherent rights" to "privileged rights that require permission."

Mike Selig further added that, against the backdrop of blockchain technology continuously reshaping financial markets, replacing policies that promote economic growth with taxes on cryptocurrency wallets may be viewed by history as a turning point or even a signal of decline for Chicago's financial development.