US CFTC Chair: Illinois Lawmakers Self-Righteous on Crypto Tax Issue

CoinFeed July 3 news, according to The Block, U.S. Commodity Futures Trading Commission (CFTC) Chair Michael Selig strongly criticized the Illinois crypto transaction tax bill, which imposes a 0.2% tax on crypto transactions and will take effect in January 2027. Selig said Illinois lawmakers 'stepped on the brakes of technological progress,' and criticized the state lawmakers for 'thinking they know better than the federal lawmakers who have been working for years to bring clarity to the crypto asset market.' He stated, 'Just as the internet revolutionized the way information is transmitted, blockchain will revolutionize the way value is transmitted. Everything can be tokenized — from commodities to currencies to stocks and bonds. Illinois lawmakers, planning the state economy in an ivory tower, have put voters at a significant disadvantage.'