Svmuu News: Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), posted on X that Illinois’ legislation imposing a so-called “sin tax” on blockchain technology could jeopardize Chicago’s future status as a financial market hub. The bill even taxes the transfer of crypto assets that do not generate any economic benefit. Mike Selig called it “retrogressive legislation” and noted that the bill transforms residents’ property rights from “inherent rights” into “permit-based privileges.”
Mike Selig added that, against the backdrop of blockchain technology’s ongoing transformation of financial markets, choosing to tax crypto wallets instead of pursuing policies that drive economic growth may be viewed by history as a turning point—or even a sign of decline—for Chicago’s financial development.