US Commodity Futures Trading Commission (CFTC) Chairman Mike Selig criticized on X, stating, "The Illinois General Assembly is jeopardizing Chicago's future as a financial market hub by imposing a so-called 'sin tax' on blockchain technology." He added, "The bill imposes taxes even on cryptocurrency asset transfers where no economic benefit has occurred. This puts Illinois residents in a position where they can only hold property with government permission, rather than as holders of property rights. In a situation where blockchain technology is transforming financial markets, choosing to tax wallets instead of fostering the cryptocurrency industry could long-term symbolize the decline of Chicago's financial market." Earlier, industry backlash occurred when Illinois Governor JB Pritzker signed the 'Digital Asset Privilege Tax Act', which imposes a 0.2% tax on cryptocurrency transactions.
