Big News: Kik creates "Defense Fund" to get SEC to change stance on crypto!
One of the biggest things holding back crypto is a lack of clear guidence from regulators.
From the United States, to Asia, to just about every part of the world where crypto is currently traded, the goal posts keep getting moved.
This has been a major reason that institutions are yet to get involved in a major way.
This lack of clarity is holding back all sorts of investors and technological advancements.
Well, we may be getting some clarity from at least one of the major regulators!
There hasn't been clear guidance in the United States from many of the 3 letter organizations, especially from the IRS to the SEC.
However, the former has pledged to come out with updated tax guidelines and a the latter is about to be forced to revise the way they look at things as well.
In news out today from KiK, it was revealed that they are starting a 'Defend Crypto' defense fund.
The goal of the fund will be to raise money in order to take on regulators in court (cough cough SEC) in order for more clarity on the Howey Test as it relates to crypto.
“It’s become clear that is the only way we are going to get the clarity we need.”
(Source: https://www.ccn.com/kin-foundation-sec-howey-test)
More about it can be seen in the link above ^^^.
This is awesome news for crypto and I think their fund is going to find a long list of willing donors!
By the way, the fund is being seeded with $5 million to start with.
I bet that number climbs quickly.
Good news indeed. :)
Stay informed my friends.
-Doc
Large businesses need enough legal clarity to be able to explore with blockchain... They have it tough right now. It's easier for non-business entities to experiment right now
It makes it very difficult for the really big money to get involved in any meaningful way.
Finally something may happen and open the door to the vaults the institutions have to help us make money and grow. This is exciting and will be watching this one closely.
Yep. If we got some clarity and adjustments on taxes as well as what defines a security from the SEC I think we would see the next bull market start immediately...
I agree. Taxes suck though lol.
Yes and taxing bitcoin like they do currently is a major hindrance in getting merchants to adopt it. There is some discussion about making transactions under $600 tax-free. Though I wish they would just declare it a currency and then not have to worry about capital gains taxes at all.
FOREX trading does involve capital gains taxes--multiple forms, in fact, depending under what section you elect to treat them under, or the exact nature of the transaction. There are, I believe, exceptions for small personal transactions, which is what some in the Congress are trying to get for cryptos as well.
If I buy a currency, and use that currency to purchase a loaf of bread I do not have to declare capital gains on that purchase of bread. Right now merchants that accept bitcoin, do.
👍😁👍
Could be big corndog!
Hello @jrcornel your post was upvoted by @hobo.media for producing quality journalism on Steem.
We are supporting active Steem journalist work with our new Hobo token and have a 3,000,000 Hobo token fund dedicated to monthly rewards to quality journalism producers. You will now receive 1000 Hobo tokens per month until the fund is depleted or your journalist work stops. You can find your tokens in the Keychain wallet.
Thank you for improving Steem with your work! Please remain an active producer of journalism.
Is there any other way of receiving them? Are they an erc20 token?
Currently, the token is a Steem Engine token, which can be found in your wallet at steem-engine.com or in the token area of the Keychain wallet.
We are temporarily also providing token rewards to our delegators as a means of distributing the token. This also helps us in benefiting journalists with curation.
Our token is meant to empower decentralized journalism and we are working to provide utility to the token. Although the Hobo Media team does not currently buy or sell these tokens, Hobo tokens are available to be purchased or sold on the Steem Engine market.
Interesting. I will have to take a look at it. Is there a plan to create value with it?
We are intending for this token to be useful to journalists and products and services that relate to them.
Will that give the coin value though?
We cannot legally make any promises as to its potential financial value. We have every intent on making it useful for journalists and journalism organizations, this is all we can say about the token at this time.
The Hobo Media team neither buys nor sells tokens. We gift them for free to people we believe do work or tasks worthy of a donation in our token. We believe the cryptocurrency world needs cryptocurrencies that can be earned rather than bought with dollars, euros and the like. The Hobo token aims to be a more easily earnable token.
Additionally, for those that wish to support our efforts to empower decentralized journalism we provide the ability to delegate a minimum of 5 SP to @hobo.media to receive tokens for every entire month delegation occurred. Token rewards for delegators is cumulative, however, rewards will also halve over time. For example, last month delegators received 1000 tokens for every 5 SP delegated, but starting from this month rewards have been halved to 500 SP for every 5 SP delegated.
Cool, thanks for the info.
That is great as it could lead to important precedent in the case of tokens with financial backing from a relevant player. I believe that the SEC has their panel this Friday which will be interesting to see how they approach it all.
Posted using Partiko iOS
Hopefully they start trying to be a little more accommodating then they have thus far.