Illinois approves crypto transfer tax
Illinois approved a proposal to charge a 0.2% tax on certain crypto asset transfers regardless of whether transactions generate realized profit, a measure that CFTC chair Mike Selig criticized as a "sin tax" on blockchain technology. Selig warned the tax could undermine Chicago's historical role in financial innovation and noted that equivalent non-crypto transfers would not face similar treatment. The debate comes as federal lawmakers consider the CLARITY Act to create a regulatory framework for crypto, meaning the measure could spur wider policy conflict and affect adoption of tokenized assets across markets.
Illinois will charge 0.2% on certain crypto asset transfers
Context
Illinois lawmakers approved a 0.2% tax on certain crypto transfers. CFTC chair Mike Selig criticized the measure and warned it could harm financial innovation. Congress is still debating the CLARITY Act and federal rules could affect state…
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