Michael Serlig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), criticized the cryptocurrency transaction tax enacted by Illinois in an editorial for The Washington Times, calling it a 'penalty on blockchain technology'.
On June 16, the Governor of Illinois signed into law a bill that imposes a 0.2% tax on cryptocurrency transactions, storage, and transfers. This law, included in the state budget package, marks the first instance of a transaction-based cryptocurrency tax in the United States...