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Title: US Government becoming friendlier to bitcoin Post by: coinluck43 on February 05, 2019, 03:50:49 AM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought.
Title: Re: US Government becoming friendlier to bitcoin Post by: Ozero on February 05, 2019, 04:58:12 AM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. Is this a bill that will not recognize cryptocurrency as securities and therefore, if it is adopted, will the SEC no longer have any relation to cryptocurrency in order to establish its not quite logical and rigid rules? I am certainly for such a bill. Maybe after that, bounty hunters will no longer demand to undergo a KYC check.Only in the topic you need at least a little to describe the essence of the issue under discussion or to give at least a link to the source. Title: Re: US Government becoming friendlier to bitcoin Post by: demenBTC on February 05, 2019, 05:31:40 AM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. I am not sure about that, a token is not able to create a large adoption of bitcoin, bitcoin will be adopted large if it gets support from several large companies that have a cryptocurrency communityTitle: Re: US Government becoming friendlier to bitcoin Post by: Kakmakr on February 05, 2019, 05:37:45 AM Ask yourself why they included this part.. " The key idea of the the second point is that something can be classified as a Digital Token if the rules of “creation and supply” can’t be altered by a central person or team. " - Source : https://medium.com/ethex-market/the-token-taxonomy-act-and-the-future-of-useful-tokens-59376fee9531
Do they want to make a clear distinction between government controlled tokens and public tokens for some reason and why? They also clearly define, pre-sold tokens. No longer will people try to bypass legislation and taxes on FREE coins that were given to them in the initial phase of the marketing of these new Alt coins. Title: Re: US Government becoming friendlier to bitcoin Post by: elda34b on February 05, 2019, 05:46:07 AM Maybe after that, bounty hunters will no longer demand to undergo a KYC check. Whatever the act says, I'm not sure it has any relation to bounty hunter. Most project that you promote are doing an ICO, which adds additional layer of definition that can certainly falls to securities, even though the company offers a token/cryptocurrencies. ICO != cryptocurrencies, but ICO is likely the same as IPO. So don't be too hopeful, you can always choose to participate in a bounty that doesn't require KYC though. Title: Re: US Government becoming friendlier to bitcoin Post by: figmentofmyass on February 05, 2019, 06:12:38 AM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. it probably won't pass. call me cynical, but it's a little too friendly to crypto. tax exempt like-kind exchanges would be allowed, a $600 tax exemption on gains from spending coins, and exemption from all existing securities laws......it reads like a pipe dream, just too good to be true. Title: Re: US Government becoming friendlier to bitcoin Post by: Herbert2020 on February 05, 2019, 06:47:18 AM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. Is this a bill that will not recognize cryptocurrency as securities and therefore, if it is adopted, will the SEC no longer have any relation to cryptocurrency in order to establish its not quite logical and rigid rules? I am certainly for such a bill. Maybe after that, bounty hunters will no longer demand to undergo a KYC check.Only in the topic you need at least a little to describe the essence of the issue under discussion or to give at least a link to the source. SEC is not involved with cryptocurrencies and decisions that are made about them whatsoever. with or without any law they are still irrelevant. all they do is they can accept or reject things that concern them such as ETFs and similar things that fall under Security and Exchange Commission. Title: Re: US Government becoming friendlier to bitcoin Post by: coinwizard_ on February 05, 2019, 07:44:29 AM The government has a multi trillion dollar debt, they won't allow anything that can bypass taxes. They will push this through alongside another bill where all bitcoin trades can be taxed
Title: Re: US Government becoming friendlier to bitcoin Post by: jseverson on February 05, 2019, 07:53:18 AM Ask yourself why they included this part.. " The key idea of the the second point is that something can be classified as a Digital Token if the rules of “creation and supply” can’t be altered by a central person or team. " - Source : https://medium.com/ethex-market/the-token-taxonomy-act-and-the-future-of-useful-tokens-59376fee9531 Do they want to make a clear distinction between government controlled tokens and public tokens for some reason and why? I think you may have misunderstood it. They're saying something can only be classified as a Digital Token if the rules for creation or supply can't be dictated. They're basically creating a new asset class and are setting new guidelines in place. The only distinction it creates is if certain coins don't fit the criteria, they'd most likely be considered securities instead of Digital Tokens. Title: Re: US Government becoming friendlier to bitcoin Post by: bitfocus on February 05, 2019, 02:06:28 PM I am not still sure about that - I think US Government is acting fishy.
Title: Re: US Government becoming friendlier to bitcoin Post by: Julunguul on February 05, 2019, 11:55:22 PM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. Any source about your statement ? So just because some people from the government fully support the existence of regulations until mass adoption does not mean that it becomes something good before we know of official confirmation. This could only be a trick so that some of the coins would go up and then they will leave it Title: Re: US Government becoming friendlier to bitcoin Post by: figmentofmyass on February 06, 2019, 04:47:34 AM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. Any source about your statement ? this is the press release (https://davidson.house.gov/media-center/press-releases/congressmen-warren-davidson-darren-soto-introduce-ico-fix-businesses) from congressmen davidson's legislative office: Quote Congressmen Warren Davidson, Darren Soto Introduce ICO Fix for Businesses, Consumers WASHINGTON, DC - Congressmen Warren Davidson (OH-08) and Darren Soto (FL-09) today introduced the long-awaited Token Taxonomy Act, H.R. 7356, to provide light-touch regulatory certainty for businesses, entrepreneurs, and regulators in the blockchain economy. “This bill clarifies a 1946 court case that the SEC has been using to determine what a security is and effectively makes it clear that the finished product (or oranges as it relates to the Howey Test) is no longer a security. “This bill provides the certainty American markets need to compete with Singapore, Switzerland, and others who are aggressively growing their blockchain economies. To be certain, there will be other regulatory initiatives at some point, but this legislation is an essential first step to keeping this market alive in the United States. “In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and for American leadership in this innovative space,” said Congressman Warren Davidson. personally, i think it's a longshot. it's very pro-business and also pro-taxpayer. the nanny state legislators will sink their claws into it and widdle it down to something much less attractive (if it ever gets off the ground to begin with). Title: Re: US Government becoming friendlier to bitcoin Post by: pooya87 on February 06, 2019, 05:01:04 AM Maybe after that, bounty hunters will no longer demand to undergo a KYC check. the ICO's KYC has never had anything to do with regulations and laws. in all cases they were adding the KYC as a buzzword to fool people into thinking their useless token is better than other useless tokens just because the lie and convince you they are "regulated". and then they all sell your KYC related documents which you gave them on the dark markets and earn some more money from it. Title: Re: US Government becoming friendlier to bitcoin Post by: figmentofmyass on February 06, 2019, 05:23:44 AM Maybe after that, bounty hunters will no longer demand to undergo a KYC check. the ICO's KYC has never had anything to do with regulations and laws. in all cases they were adding the KYC as a buzzword to fool people into thinking their useless token is better than other useless tokens just because the lie and convince you they are "regulated". i wouldn't go that far. take a look at one of the memos the SEC published in 2017 (https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11): Quote Second, brokers, dealers and other market participants that allow for payments in cryptocurrencies, allow customers to purchase cryptocurrencies on margin, or otherwise use cryptocurrencies to facilitate securities transactions should exercise particular caution, including ensuring that their cryptocurrency activities are not undermining their anti-money laundering and know-your-customer obligations.[7] As I have stated previously, these market participants should treat payments and other transactions made in cryptocurrency as if cash were being handed from one party to the other. they doubled down on previous assertions that issuing or brokering tokens for crypto triggers money transmission (AML/KYC) law. after the SEC made this very explicit, we saw lots more ICOs prohibiting investment from the USA. some ICOs were run very conservatively, like blockstack. they mandated KYC and restricted investment to accredited investors out of an abundance of caution. based on the SEC's statements, they were wise to do so. Title: Re: US Government becoming friendlier to bitcoin Post by: pooya87 on February 06, 2019, 05:32:08 AM they doubled down on previous assertions that issuing or brokering tokens for crypto triggers money transmission (AML/KYC) law. after the SEC made this very explicit, we saw lots more ICOs prohibiting investment from the USA. well most of them aren't even in US to want to comply with US laws. they come from Asian countries. and as you mentioned many of them even reject US citizens so asking for KYC becomes even shadier! besides we have already seen lots of KYC related documents that people submitted for the ICOs have been sold on the dark market. Title: Re: US Government becoming friendlier to bitcoin Post by: boyptc on February 06, 2019, 05:50:11 AM Maybe after that, bounty hunters will no longer demand to undergo a KYC check. It's different from what you are thinking. It's about the recognition of bitcoin and other altcoins as currency not about the recognition of bounty hunting.If you have problems with KYC, you should consult the bounty manager and/or don't join bounties that requires KYC. Title: Re: US Government becoming friendlier to bitcoin Post by: figmentofmyass on February 06, 2019, 06:19:59 AM they doubled down on previous assertions that issuing or brokering tokens for crypto triggers money transmission (AML/KYC) law. after the SEC made this very explicit, we saw lots more ICOs prohibiting investment from the USA. well most of them aren't even in US to want to comply with US laws. they come from Asian countries. and as you mentioned many of them even reject US citizens so asking for KYC becomes even shadier! besides we have already seen lots of KYC related documents that people submitted for the ICOs have been sold on the dark market. don't get me wrong, i'm sure many ICO scams were carried out and many KYC documents sold on the darknet. i just think that is a symptom of a larger problem, which is legitimate fear of crossing authorities in the USA. it doesn't matter if an ICO is set up in singapore or somewhere else. if the SEC and FINCEN determine you are illegally transmitting money on behalf of USA residents, they can shut you down and seize your domain/servers, freeze bank accounts, etc. that's what happened to btc-e and 1broker, all because they allowed people from the USA on their site. i know the SEC has shut down several ICOs too, though i don't remember specifics. the first obvious step to prohibit USA investors is using geolocation IP banning. the next step is to implement KYC to ensure USA investors can't sneak in using VPN. whether the 2nd step is necessary, i'm not sure, but i'm very confident not all ICOs that did KYC were scamming. Title: Re: US Government becoming friendlier to bitcoin Post by: Pursuer on February 06, 2019, 06:35:30 AM Maybe after that, bounty hunters will no longer demand to undergo a KYC check. It's different from what you are thinking. It's about the recognition of bitcoin and other altcoins as currency not about the recognition of bounty hunting.is it really? I am really not familiar with these things but from what I have read it seems like something IRS would be interested in most of all and it has nothing to do with "recognition as currency" but rather seeing the large amount of money that went in and out of cryptocurrency market in 2017 and the government wanting his share of the "taxes". Title: Re: US Government becoming friendlier to bitcoin Post by: eternalgloom on February 06, 2019, 12:49:51 PM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. it probably won't pass. call me cynical, but it's a little too friendly to crypto. tax exempt like-kind exchanges would be allowed, a $600 tax exemption on gains from spending coins, and exemption from all existing securities laws......it reads like a pipe dream, just too good to be true. Exactly my thoughts, I would be very surprised if this came to pass in its current state. Now, I would definitely think that they're going to try and tax it more and they're definitely not going to make it exempt from existing securities laws. Title: Re: US Government becoming friendlier to bitcoin Post by: dothebeats on February 07, 2019, 02:07:11 PM This is close to impossible to be approved, seeing how some of the conditions of the bill are really pro-bitcoiners and pro-taxpayers. This wouldn't pass knowing that the country is trying to rake all the profits they can get on every sector of the government and economy, and bitcoin and cryptocurrency can be a nice stream of income for them. Separating bitcoins and cryptocurrencies into a different asset class is fine, but this one? This is wishful thinking at best.
Title: Re: US Government becoming friendlier to bitcoin Post by: kryptqnick on February 07, 2019, 04:41:04 PM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. First of all, this is not something new. Secondly, I find it a bit dumb pushing the SEC to recognize cryptos as securities, because many of them truly are not securities and should indeed be regulated in a different way. Thirdly, the bill was not passed, right? So it's just speculations and attempts of some people to make the US more crypto-friendly, so it has nothing to do with the government actually becoming friendlier. Fourthly, even if somehow the SEC agrees to redefine securities and regulate cryptocurrencies, it's not necessarily a good thing (tax implications, strict requirements to meet for traders and other crypto community members), and it won't be contributing much to mass adoption, since even the stock market, no matter how big it may seem, is certainly not what most people care about or know at least something about.Title: Re: US Government becoming friendlier to bitcoin Post by: enhu on February 07, 2019, 04:44:56 PM This is another reason for all to be hopeful and when this Act fails to be approved, they'd be paying to get it to be on the headlines of every publication online so the price will dip. Of course its meant to be disapproved, its pretty obvious why would they be friendly to BTC? Title: Re: US Government becoming friendlier to bitcoin Post by: squatter on February 07, 2019, 09:43:57 PM But it would push those exchanges to want to be operated and ran in the US, it's a great opportunity for the US to have silicon valley 2.0 That's the way the sponsoring legislators are framing the discussion. They see this bill as a way to encourage US economic growth instead of letting crypto-friendly countries like Singapore, Malta and others dominate a burgeoning industry. I'm still not sure how likely it is to pass, though. Title: Re: US Government becoming friendlier to bitcoin Post by: Ipwich on February 08, 2019, 07:12:03 AM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. You should share the source of information like this https://bitcoinexchangeguide.com/congressmen-warren-davidson-and-darren-soto-introduce-new-token-taxonomy-act-for-crypto-assets/ , so it will be easy for us to know the whole story. Just a suggestion which I think the proper way. Title: Re: US Government becoming friendlier to bitcoin Post by: kingpin4321 on February 08, 2019, 07:48:21 AM The Token Taxonomy Act presented by Representatives Warren Davidson and Darren Soto will help bitcoin and cryptocurrency get acceptance for massive adoption. Share your thought. Although it might be a good idea when viewed from a perspective it could also be bad for bitcoiners.But I don't think it would be accepted by the house in a hurry |