In the United States, various federal agencies have conflicting classifications for bitcoin and other cryptocurrencies, leading to a complex legal and regulatory environment. The FBI treats bitcoin as money, which supports charges related to money laundering. Conversely, the IRS defines it as property, thereby subjecting it to capital gains taxes. The SEC categorizes cryptocurrencies as securities, resulting in lawsuits against exchanges for fines, while the CFTC views them as commodities, restricting their use as currency. This disparate treatment underscores the lack of a unified stance on the nature of cryptocurrencies, complicating compliance and enforcement efforts.
Lawyers & 3-letter agencies don't know what bitcoin is: money, property, security, commodity? Economists & investors don't know what bitcoin is: store of wealth, medium of exchange, unit of account? Engineers & devs don't know what bitcoin is: database, ledger, messaging system?
"crypto isn't money" "but you need a money transmitter license" "lol it's not a threat to the government, everyone knows it's worthless" "but we're banning it" "it has no value, but you need to pay taxes on it"
"crypto isn't money" "but you need a money transmitter license" "lol it's not a threat to the government, everyone knows it's worthless" "but we're banning it" "it's not an asset, has no value" "but you need to pay taxes on all gains"
"crypto isn't money" "but you need a money transmitter license" "lol it's not a threat to the government, everyone knows it's worthless" "but we're banning it" "it's not an asset, has no value" "but you need to pay taxes on all gains" ^ signs of a retarded government
the FBI calls bitcoin money so they can arrest you for money laundering the IRS calls it property so they can tax you on capital gains the SEC calls it a security so they can sue every exchange the CFTC calls it a commodity so you can’t use it as a currency https://t.co/AUpph9xReC
US prosecutors say bitcoin is money. It's Schrodinger's money. It's a "speculative asset" when they want to describe it as not important, but then becomes "money" for the purposes of laws regarding money transmission, and then back to "speculative asset" again. https://t.co/ZiL7qWdR26 https://t.co/r5yX0ydHFB
Make up your mind America Crypto has no value so cannot be used as collateral for loans or Crypto has value so you must pay 40% capital gains tax https://t.co/WYlboFZyUe
the FBI - crypto is money - now we’re arresting you for money laundering the IRS - it’s property - now pay your capital gains tax the SEC - it’s security - sues every exchange so they get “fines” the CFTC - it’s a commodity - don’t use it as a currency that’s illegal https://t.co/qgNyIX1q6m
If bitcoin is not "money" then how are the charges of "illicit money transmitting" being handed out? https://t.co/va3SSi939l