BitShares Forum
Main => General Discussion => Topic started by: lil_jay890 on October 01, 2014, 02:08:26 pm
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Hello, I'm fairly new to bitshares but i'm wondering if anyone has looked into trading bitgld and bitwti as a US Citizen.
I believe according to the Dodd-Frank law US citizens that are retail traders are unable to trade Gold or Crude oil. Institutional traders and most international citizens do have that ability though.
Is bitsharesX a way to circumvent this rule? Could the US government possibly step in and try to regulate this?
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I thought TITAN basically keeps my business personal and whether I trade bitGold or BitWhatever is hidden from view from everyone?
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Hello, I'm fairly new to bitshares but i'm wondering if anyone has looked into trading bitgld and bitwti as a US Citizen.
I believe according to the Dodd-Frank law US citizens that are retail traders are unable to trade Gold or Crude oil. Institutional traders and most international citizens do have that ability though.
Is bitsharesX a way to circumvent this rule? Could the US government possibly step in and try to regulate this?
This is the general view as of now, until any other guidance comes from any regulatory agency:
you aren't trading gold; you're trading a crypotcurrency that has the value of gold. (no physical gold is assigned to any bitGLD, thus no trading of gold occurs).
as of now, it appears that standard cryptocurrency rules (both for taxes and fincen) apply, but nothing regulating the underlying assets applies to the cryptoassets that represents some value in the underlying asset.
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Is bitsharesX a way to circumvent this rule?
Yes.
Could the US government possibly step in and try to regulate this?
Yes, with emphasis on "try".