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Even relatively simple fiat-backed stablecoins could be characterized as swaps or demand notes, both of which would be treated as securities. And the SEC’s head of digital assets, Valerie Szczepanik, confirmed at a hearing last week that it does not matter that the stablecoin ‘does not have an expectation of profits’ (with the usual caveat of “facts and circumstances”).
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The Token Taxonomy Act of 2019 would require amending US federal securities legislation to exclude crypto assets from the definition of a security, and to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currencies.
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A review of their technical documentation describing the Libra protocol and the associated ecosystem, reveals that they left out the foundational components of user security: Protection of the private key, proof of user consent, decentralized compliance and global privacy.
Kiffmeister’s Fintech Daily Digest 07/07/2019
