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CFTC Chairman criticizes Illinois' 'punitive' crypto tax

CoinNetwork
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CoinWorld News, CFTC Chairman Michael Selig criticized Illinois lawmakers for imposing a new 0.2% tax on crypto transactions, stating that the state has taken adverse measures against fintech at the wrong time. In a statement on July 1, he said Illinois lawmakers "put the brakes on technological progress" when approving the measure. The tax is part of Illinois' fiscal year 2027 budget, set to take effect on January 1, 2027, and applies to certain digital asset activities conducted by brokers, including trading, transfers, custody, and wallet services. The rule has drawn criticism from crypto companies, policy groups, and some market participants. Selig stated that blockchain could change how value flows in markets, just as the internet changed how information flows. He believes tokenized assets could encompass commodities, currencies, stocks, and bonds. His statement noted that if the state's tax on crypto transfers differs from that on other financial activities, it could put Illinois residents and businesses at a disadvantage. Selig also said Illinois lawmakers "decided they know more than federal lawmakers" about crypto market rules.
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ShellsLeftBehindByTheReceding
· 7h ago
Selig is right; blockchain restructuring value flow is a major trend, and raising taxes at this point is like putting the brakes on yourself.
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0xLateBreakfast
· 7h ago
0.2% may not seem like much, but it adds up in high-frequency trading—Illinois is pushing talent away.
View OriginalReply0

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