Lawyer says Winklevoss ETF process going smoothly

[ohiofarmer]

The WSJ just posted an update on the Winklevoss ETF. Per their lawyer:

“The SEC has generally been receptive. We are working through common procedures and working through the registration process and we have not gotten any show stoppers. We think the SEC understands the nature of the project and understands that it does bring stability to bitcoin.”

Story: http://blogs.wsj.com/moneybeat/2014/01/17/lawyer-for-winkelvoss-twins-bitcoin-etf-says-sec-review-going-smoothly/?mod=WSJBlog

I think this would be a multi-billion-dollar event for bitcoin, and I'm hoping it goes through.

[rext]

good that bitcoin is taken more seriously now

[mprep]

good that bitcoin is taken more seriously now

Until you can't go to a random store in the end of the world and find out they accept BTC, it won't be considered more seriously. Although this is positive exposure.

[whtchocla7e]

He said the Trust is making the case that bitcoin – often referred to as a digital currency – should be treated as a capital asset rather than, say, a currency or a commodity. That means bitcoin investments should be subject to capital gains taxes. Although some of the early enthusiasts for bitcoin might be put off by the arrival of a taxation regime, big institutions will welcome clarity on the taxation status for the new technology, Mr. Greebel said.

"The Trust" is doing what?

Are they making decisions about Bitcoin to some entity behind the Bitcoin users' backs?

I hope I just misunderstood that.

[BitchicksHusband]

He said the Trust is making the case that bitcoin – often referred to as a digital currency – should be treated as a capital asset rather than, say, a currency or a commodity. That means bitcoin investments should be subject to capital gains taxes. Although some of the early enthusiasts for bitcoin might be put off by the arrival of a taxation regime, big institutions will welcome clarity on the taxation status for the new technology, Mr. Greebel said.

"The Trust" is doing what?

Are they making decisions about Bitcoin to some entity behind the Bitcoin users' backs?

I hope I just misunderstood that.

I think virtually all Americans already assume that bitcoins will be taxed as Capital Gains.  This isn't that big of a deal since everyone expected it already.

[HairyMaclairy]

He said the Trust is making the case that bitcoin – often referred to as a digital currency – should be treated as a capital asset rather than, say, a currency or a commodity. That means bitcoin investments should be subject to capital gains taxes. Although some of the early enthusiasts for bitcoin might be put off by the arrival of a taxation regime, big institutions will welcome clarity on the taxation status for the new technology, Mr. Greebel said.

"The Trust" is doing what?

Are they making decisions about Bitcoin to some entity behind the Bitcoin users' backs?

I hope I just misunderstood that.

I think virtually all Americans already assume that bitcoins will be taxed as Capital Gains.  This isn't that big of a deal since everyone expected it already.

That is changing quite fast with the UK decision to treat it as a private currency to which capital gains tax does not apply. Unless the US wants to be left behind. 

[bluemeanie1]

He said the Trust is making the case that bitcoin – often referred to as a digital currency – should be treated as a capital asset rather than, say, a currency or a commodity. That means bitcoin investments should be subject to capital gains taxes. Although some of the early enthusiasts for bitcoin might be put off by the arrival of a taxation regime, big institutions will welcome clarity on the taxation status for the new technology, Mr. Greebel said.

"The Trust" is doing what?

Are they making decisions about Bitcoin to some entity behind the Bitcoin users' backs?

I hope I just misunderstood that.

oh yes, Bitcoin users are going to LOVE this new aspect to Bitcoin.  The Winklevoss twins said so!

[whtchocla7e]

He said the Trust is making the case that bitcoin – often referred to as a digital currency – should be treated as a capital asset rather than, say, a currency or a commodity. That means bitcoin investments should be subject to capital gains taxes. Although some of the early enthusiasts for bitcoin might be put off by the arrival of a taxation regime, big institutions will welcome clarity on the taxation status for the new technology, Mr. Greebel said.

"The Trust" is doing what?

Are they making decisions about Bitcoin to some entity behind the Bitcoin users' backs?

I hope I just misunderstood that.

I think virtually all Americans already assume that bitcoins will be taxed as Capital Gains.  This isn't that big of a deal since everyone expected it already.

That's news to me. But that's beside the point.

Personally, I don't like the idea of some private trust working behind the scenes in their own self-interest.

[SirBitsalot]

good that bitcoin is taken more seriously now

Could be bad or good. The more eyes on Bitcoin means more chances for bad things to happen (ex: bans)

[ohiofarmer]

"The Trust" is doing what?

Are they making decisions about Bitcoin to some entity behind the Bitcoin users' backs?

I hope I just misunderstood that.

He's referring to the "bitcoin trust," which is the official name for the etf. I wouldn't say they're making decisions so much as trying to guide the SEC toward viewing bitcoin in a certain light (i.e. as an asset rather than currency or commodity). I haven't done enough research to know if that's a good thing or not, though I do know the capital gains tax rate is lower than other tax rates (if you make more than $72k a year). Capital gains are taxed at 20% in 2013. Personal income is taxed on a sliding scale with the bulk of people paying 15%. if you make more than $72k, though, your tax rate jumps to 25% and keeps climbing from there all the way up to an obscene 39%! So, I guess it's good if you're making a lot of dough.