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US CFTC Chairman Criticizes Illinois Crypto "Sin Tax" Legislation, May Threaten Chicago's Financial Hub Status
Golden Finance reported that Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated that Illinois' implementation of a so-called "sin tax" on blockchain technology could jeopardize Chicago's future status as a financial market center. The bill even taxes transfers of crypto assets that generate no economic returns, which he called "slowdown legislation," and criticized it for turning 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 adopting policies that drive economic growth may be viewed by history as a turning point or even a sign of decline for Chicago's financial development.