I sweat there was a debate at one point on how crypto would be classified, and it came back as 3 different things at the same time
I sweat there was a debate at one point on how crypto would be classified, and it came back as 3 different things at the same time
The US treasury, CFTC, and SEC are all having a turf war over who will regulate crypto. The Treasury was first and regulates it under FinCEN like currency, treating companies as money service businesses. The CFTC wants it to be a commodity, but hasn't done much. The SEC is most aggressive and likes to classify cryptos randomly as securities, and then heavily fine everyone involved.
That's not the same as taxation. It's taxed as a property by the IRS.
The US treasury, CFTC, and SEC are all having a turf war over who will regulate crypto. The Treasury was first and regulates it under FinCEN like currency, treating companies as money service businesses. The CFTC wants it to be a commodity, but hasn't done much. The SEC is most aggressive and likes to classify cryptos randomly as securities, and then heavily fine everyone involved.
That's not the same as taxation. It's taxed as a property by the IRS.
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