Wall Street Veteran Caitlin Long Talks on Bitcoin (BTC) Being Tax-Free Property in Wyoming from IRS
The Wall Street veteran Caitlin Long, which is also the former chairman and president of Symbiont.io talked about virtual currencies, including regulations. During the last few years, Bitcoin expanded all over the world and many investors entered the market.
In an interview with Naomi Brockwell, she talked about Bitcoin and how regulatory agencies are trying to regulate the space and tax virtual currencies. She started by saying that in Wyoming they were able to pass five bills related to virtual currencies. The most important for her was the one in which they define utility tokens as a class of property. Wyoming is becoming an increasingly crypto friendly place.
This is very important because a property is governed by state law in Wyoming. That means that if the token is considered as property Federal agencies would not be able to regulate it in Wyoming.
She went on saying that new companies entering the market such as Fidelity or Bakkt would allow the space to build new regulatory frames and help the industry grow.
On the matter, she commented:
“When Bakkt talked today about all the work that’s doing with Starbucks, that is about small payments and obviously if every Starbucks customer who pays with Bitcoin has to pay taxes on it that’s not good for Bakkt’s business so that’s one of the things I think that can help from a regulatory perspective.”
She then talked about how too much regulation would not be good for the space. Caitlin Long said that Andreas Antonopoulos’ ideas related to corpo-coins are what might happen in the future. A corpo-coin will be used by corporations, companies and firms, and Bitcoin developers would not like to work for the corporate sector or traditional wall-street firms.
Long has also commented about the current regulations of the space, such as the ones imposed by the U.S. Securities and Exchange Commission (SEC) and the State of New York, that has one of the most hostile regulations in the space.
Business that work in the crypto space and are located in New York must receive a license that is given by the New York State Financial Services (NYFS) agency. This license is also known as the BitLicense.
She explained that New York might not go back on the BitLicense because the state has always been one of the most regulated states in the US. Additionally, it is also possible to see that in terms of financial regulation they did have a good performance.
There are different jurisdictions around the world that are trying to attract new companies with easier regulations. The island of Malta is one of the countries in which blockchain and crypto companies have been supported by the local government and encouraged to come to the country.
Clearly, regulations are needed, however, too much regulation would harm the market and would not allow it to grow in the future. Japan is another country in which they imposed clear and strong regulations that allowed the industry to behave in a more compliant way.