Svmuu News: U.S. CFTC Chairman Michael Selig criticized Illinois for passing a 0.2% tax on crypto transactions, stating that the state’s lawmakers “have put the brakes on technological progress” and put the state’s residents at a disadvantage in future digital asset innovation.
Illinois Governor JB Pritzker signed the “Digital Asset Tax Act” last month as part of the state’s fiscal year 2027 budget plan. The bill imposes a 0.2% tax on crypto transactions and is scheduled to take effect in January 2027.
Selig stated that just as the internet has transformed the way information is transmitted, blockchain will transform the way value is transferred. In the future, virtually all assets—from commodities and currencies to stocks and bonds—could be tokenized. He believes that Illinois’ move runs counter to Washington’s push for digital asset innovation and could lead to capital, businesses, and technical talent flowing to other jurisdictions.
Previously, industry organizations such as the Crypto Council for Innovation, the Digital Chamber, and the Illinois Blockchain Association had also strongly opposed the tax, calling it potentially one of the strictest and most anti-crypto state tax regimes in the United States. (The Block)