CFTC Chair Says Illinois Crypto 'Sin Tax' Legislation Could Undermine Chicago's Financial Hub Status

According to CFTC Chair Mike Selig, Illinois's proposed "sin tax" legislation on blockchain technology may jeopardize Chicago's position as a financial market center. The bill imposes taxes on crypto asset transfers that generate no economic gains. Selig described the measure as "regressive legislation" that converts property rights from "inherent" to "licensed privileges." He warned that choosing taxation over growth-driven policies amid blockchain's reshaping of finance could mark a turning point—or decline—in Chicago's financial development.
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