Mike Selig: Illinois’ Crypto Sin Tax Legislation Threatens Chicago’s Financial Position

Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that Illinois' implementation of sin tax legislation on blockchain technology threatens Chicago's status as a financial market center. The bill imposes a tax on transfers of crypto assets that do not generate economic gains. Mike Selig described this as decelerative legislation and criticized the bill for turning residents’ property rights from inherent rights into privileges requiring permission. Mike Selig added that choosing to tax crypto wallets instead of policies that drive economic growth could be seen by history as a turning point or a sign of decline for Chicago’s financial development.