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US CFTC Chairman: Illinois crypto "sin tax" legislation could threaten Chicago's financial hub status

2026-07-02 13:44:38

Abstract generation in progress

Mars Finance News, Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), posted on X platform that Illinois' legislation imposing a so-called "sin tax" on blockchain technology could jeopardize Chicago's future status as a financial market hub. The bill even taxes transfers of crypto assets that generate no economic gains. Mike Selig called it "slow-down legislation" and stated that the bill turns residents' property rights from "inherent rights" into "permission-based privileges." Mike Selig added that, against the backdrop of blockchain technology continuously reshaping financial markets, choosing to tax crypto wallets instead of pursuing policies that drive economic growth may be viewed by history as a turning point or even a decline signal for Chicago's financial development.

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