CFTC Chair Mike Selig Criticizes Illinois Blockchain Tax Bill as Threat to Chicago’s Financial Hub Status

CFTC Chair Mike Selig said in a post on X that Illinois legislation imposing what he described as a “sin tax” on blockchain technology could endanger Chicago’s future status as a financial market center. According to Odaily, Selig said the bill would tax crypto asset transfers even when they generate no economic gains. Selig called the proposal “deceleration-style legislation” and said it would shift residents’ property rights from an “inherent right” to a “permission-based privilege.” He added that as blockchain technology continues to reshape financial markets, choosing to tax crypto wallets instead of pursuing policies aimed at economic growth could later be viewed as a turning point for Chicago’s financial development, or as a signal of decline.