Random Thoughts@random_from_sherlock P.327

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Random Thoughts@random_from_sherlock P.327

RANDOM_FROM_SHERLOCK Telegram 327

Random Thoughts

If the only tool you have is a hammer, you tend to see every problem as a nail.

A famous quote by Abraham Maslow. It typically refers to a concept known as the "law of instrument". With that as a context, it's interesting to observe how various U.S. regulatory bodies treat Bitcoin or crypto in general.

CFTC (Commodity Futures Trading Commission) crypto = commodity, under the Commodity Exchange Act.

SEC (Securities and Exchange Commission) crypto = security.

IRS (Internal Revenue Service) crypto = property, according to Notice 2014–21.

FinCen (Financial Crimes Enforcement Network) crypto = money. Subject to Anti-Money Laundering Laws. CTR (Currency Transaction Report) must be filed for transactions exceeding 10K.

Each agency applies the only definition it knows how to work with. Each agency competes to be the one to regulate and enforce crypto space. This creates a nightmare for practitioners. On the other hand, a competition between legal definitions could yield a single winner in the future. This is where courts come in.

#finance #AmericanDynamism
July 2024

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193 viewsedited Jul 5, 2024 at 16:09

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Create: 2024-07-05
Last Update: 2025-07-27 04:02:47

If the only tool you have is a hammer, you tend to see every problem as a nail.

A famous quote by Abraham Maslow. It typically refers to a concept known as the "law of instrument". With that as a context, it's interesting to observe how various U.S. regulatory bodies treat Bitcoin or crypto in general.

CFTC (Commodity Futures Trading Commission) crypto = commodity, under the Commodity Exchange Act.

SEC (Securities and Exchange Commission) crypto = security.

IRS (Internal Revenue Service) crypto = property, according to Notice 2014–21.

FinCen (Financial Crimes Enforcement Network) crypto = money. Subject to Anti-Money Laundering Laws. CTR (Currency Transaction Report) must be filed for transactions exceeding 10K.

Each agency applies the only definition it knows how to work with. Each agency competes to be the one to regulate and enforce crypto space. This creates a nightmare for practitioners. On the other hand, a competition between legal definitions could yield a single winner in the future. This is where courts come in.

#finance #AmericanDynamism
July 2024

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