Mike Selig: Illinois Crypto Crime Tax Legislation Threatens Chicago's Financial Status

Mike Selig, Chairman of the Commodity Futures Trading Commission (CFTC), stated that Illinois' implementation of sin tax legislation on blockchain technology poses a threat to Chicago's position as a financial market center. The bill imposes a tax on the transfer of encrypted assets that do not generate economic benefits. Mike Selig called it a slowing legislation and criticized the bill for transforming residents' property rights from inherent rights to permissioned privileges. Mike Selig added that replacing the policy choice of driving economic growth with a tax on cryptocurrency wallets may be seen by history as a turning point or recession signal for Chicago's financial development.