U.S. CFTC Chairman Criticizes Illinois Cryptocurrency Transaction Tax as a 'Tech Penalty'

Chairman Criticizes in Editorial

Michael Serlig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), criticized the newly enacted cryptocurrency transaction tax in Illinois as a 'penalty on blockchain technology' in a contribution to The Washington Times on the 1st.

On June 16, the Governor of Illinois signed into law a taxation system 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...