One of the biggest things holding back crypto is a lack of clear guidence from regulators.
From the United States, to Asia, to just about every part of the world where crypto is currently traded, the goal posts keep getting moved.
This has been a major reason that institutions are yet to get involved in a major way.
This lack of clarity is holding back all sorts of investors and technological advancements.
Well, we may be getting some clarity from at least one of the major regulators!
There hasn't been clear guidance in the United States from many of the 3 letter organizations, especially from the IRS to the SEC.
However, the former has pledged to come out with updated tax guidelines and a the latter is about to be forced to revise the way they look at things as well.
In news out today from KiK, it was revealed that they are starting a 'Defend Crypto' defense fund.
The goal of the fund will be to raise money in order to take on regulators in court (cough cough SEC) in order for more clarity on the Howey Test as it relates to crypto.
“It’s become clear that is the only way we are going to get the clarity we need.”
(Source: https://www.ccn.com/kin-foundation-sec-howey-test)
More about it can be seen in the link above ^^^.
This is awesome news for crypto and I think their fund is going to find a long list of willing donors!
By the way, the fund is being seeded with $5 million to start with.
I bet that number climbs quickly.
Good news indeed. :)
Stay informed my friends.
-Doc
Large businesses need enough legal clarity to be able to explore with blockchain... They have it tough right now. It's easier for non-business entities to experiment right now
It makes it very difficult for the really big money to get involved in any meaningful way.
Finally something may happen and open the door to the vaults the institutions have to help us make money and grow. This is exciting and will be watching this one closely.
Yep. If we got some clarity and adjustments on taxes as well as what defines a security from the SEC I think we would see the next bull market start immediately...
I agree. Taxes suck though lol.
Yes and taxing bitcoin like they do currently is a major hindrance in getting merchants to adopt it. There is some discussion about making transactions under $600 tax-free. Though I wish they would just declare it a currency and then not have to worry about capital gains taxes at all.
FOREX trading does involve capital gains taxes--multiple forms, in fact, depending under what section you elect to treat them under, or the exact nature of the transaction. There are, I believe, exceptions for small personal transactions, which is what some in the Congress are trying to get for cryptos as well.
If I buy a currency, and use that currency to purchase a loaf of bread I do not have to declare capital gains on that purchase of bread. Right now merchants that accept bitcoin, do.
👍😁👍
Could be big corndog!
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Is there any other way of receiving them? Are they an erc20 token?
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Interesting. I will have to take a look at it. Is there a plan to create value with it?
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Will that give the coin value though?
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That is great as it could lead to important precedent in the case of tokens with financial backing from a relevant player. I believe that the SEC has their panel this Friday which will be interesting to see how they approach it all.
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Hopefully they start trying to be a little more accommodating then they have thus far.