The CFTC chairman spoke harshly: from rights to privileges, is Chicago digging a hole for itself?

CoinJie.com reports that CFTC Chair Mike Selig said that Illinois’ sin tax legislation on blockchain technology jeopardizes Chicago’s status as a financial market hub. The bill imposes taxes on transfers of crypto assets that do not generate economic benefits, which Selig described as lagging legislation. He also criticized the bill for turning residents’ property rights from inherent rights into a privilege requiring permission. He added that a policy choice of taxing crypto wallets instead of promoting economic growth could, in retrospect, be seen as either a turning point or a sign of decline for the development of Chicago’s finance.