Tax and Regulatory Issues
Joel Telpner spoke on a panel discussing "Tax and Regulatory Issues," at Inside ETFs, an event sponsored by Informa Connect on January 26, 2020.
The SEC says bitcoin is not a security, and the Federal Reserve says bitcoin is not currency. The IRS says bitcoin is property subject to taxation, but the CFTC says bitcoin is a commodity. What’s a taxpayer to do? Currently, there’s little federal regulation over bitcoin – allowing a Wild West environment to flourish. Five companies have asked the SEC for permission to launch a bitcoin ETF. Will the agency approve the applications? This session examined the crucial tax and regulatory status, to help attendees manage their practice and provide guidance to their clients.