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Caitlin Long, former president and president of Symbiont.io and a Wall Street veteran who has actively participated in the Bitcoin community since 2012, spoke of the current state of cryptocurrency and taxation regulation.
Long, who is at the forefront of making Wyoming a friendly state for cryptocurrencies and startups / cryptocurrency companies, talked about how Wyoming approved bills and set an example for the rest of the United States to follow.
Caitlin Long continued:
"… we have approved five accounts last year and we have seven more actually actually there in today's commission two of them have just passed the committee's hearing … What is most interesting … the amendment that defines utility tokens as a property class, a new digital property class in Wyoming "
He said that this is important and meaningful to lawyers because the property law is governed by state law in Wyoming and, if the token were considered a property, it would not give the federal authorities the authority to regulate it in Wyoming.
Because of the aforementioned reasons, Long stated that "the IRS can not obtain anything from the state of Wyoming".
In addition, Caitlin Long went on to say that "Feds" and SEC President Jay Clayton have conflicting and conflicting views regarding the laws of Wyoming regarding cryptocurrencies.
The invoices Long mentioned previously included the bill HB 19: Cryptocurrency Exemption which exempts taxes on cryptocurrencies.
Other invoices that are passed by the Wyoming House of Representatives include HB 101: The Blockchain Filings Bill, HB 126: The Series LLC Bill.
The LLC invoice is favorable to decentralized protocols, as it allows LLCs to establish a compartmentalized set of members or managers, transferable interests or activities and distributions to members.
Caitlin Long stated that the world is not always in black and white and that there is some positive aspect in having a regulatory framework in crypto-industry over the repressive measures that the SEC and other regulatory bodies have done, including the taxation of cryptocurrencies.
In addition, Caitlin Long said that Bakkt or Fidelity and other large companies that are attempting to enter the crypto-space could be a good thing because they could, with their lobbyists, help with regulatory structures. She continued:
"… and when Bakkt spoke today about all the work he's doing with Starbucks, it's about small payments and obviously if every Starbucks customer who pays with Bitcoin has to pay taxes on it that's not good for the business of Bakkt, so it's one of the things that I think can help from a regulatory point of view. "
To explain the effects of too much regulation, Caitlin Long referred to the idea of Antonopoulos on Bitcoin which was divided into two parts. She said:
"I think that Andreas [Antonopoulos] he talks about body-coin that what will happen is if Bitcoin becomes too corporate that the industry separates and bitcoin goes in its same direction and the body-currency that would be the corporate version of Bitcoin will remain regulated and inside of these big companies ".
He also added that these regulations, if they become too many, will suffocate many innovations and that most of the well-known Bitcoin developers would not work for the corporate sector or the Wall Street companies.
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