Re:Tesla has suspended vehicle purchases using Bitcoin
by toomuchtodo on Wednesday May 12, 2021 @07:04PM
(#27136257)
Crypto that is considered securities (by meeting the Howey test) is regulated by the SEC. Crypto that is treated as a commodity is regulated by the CFTC.
Re:Tesla has suspended vehicle purchases using Bitcoin
by kristianp on Wednesday May 12, 2021 @07:21PM
(#27136422)
As far as I know all crypto is considered securities by the IRS.
Re:Tesla has suspended vehicle purchases using Bitcoin
by toomuchtodo on Wednesday May 12, 2021 @07:27PM
(#27136469)
The IRS treats crypto as property in general, not a currency. That’s why there are capital gains or losses with each transaction.
https://www.irs.gov/businesses/small-businesses-self-employe...
Unless it was a pump and dump scheme. Granted, he says they won't be selling it until later, but they can just say they've decided it'll never be viable later, then sell it. This tracks with your statement that mining transactions using more sustainable energy doesn't make sense.
Since crypto isn't regulated by the SEC, it seems like leveraging Tesla for a pump and dumb to generate capital is _not illegal_.