Quote from: bobabouey2 on March 02, 2017, 01:34:37 PM

Quote from: Hueristic on March 02, 2017, 08:13:35 AM

Quote from: bobabouey2 on March 02, 2017, 03:47:45 AM

Quote from: Hueristic on March 02, 2017, 03:03:33 AM

Quote from: bobabouey2 on March 01, 2017, 11:41:31 PM

Quote from: Hueristic on March 01, 2017, 11:06:22 PM

Quote from: smooth on March 01, 2017, 10:37:45 PM

Quote from: bobabouey2 on March 01, 2017, 08:11:06 PM

They could handle the KYC aspect of Monero coming into Coinbase the same way they do for cash and bitcoin currently, and the same way banks do. I.e. ask the owner to disclose how they acquired them, source of funds, etc.

Banks have rules about cash. Coinbase does not handle cash, only bank transfers and Bitcoin (and Ethereum).

That's a big difference. A bank could just throw up their hands and say "Can't trace the chain? Let's treat it like cash to be safe" but Coinbase can't in practice do that.

I thought all crypto currency's had already been determined to be securities, didn't they have to rule on that for tax purposes a few years ago?

IRS deemed them property / assets, like securities.

Doesn't really affect the KYC / AML issues with a cryptocurrency (anonymous or pseudonymous). Other than meaning that if you use crypto to money launder, and you haven't paid taxes appropriately, you will also be charged with tax fraud.

Sets precedence doesn't it?

Not sure what precedent you are referring to?

If the IRS has classified them as securities than all gov must recognize them as such unless that ruling gets challenged in a court of law, correct? Well in the US anyway.

Not necessarily. And again, not securities, property. Securities are property. Bitcoin are property. Bitcoin not necessarily a security.

And whether they are property or security, doesn't affect KYC / AML. Show up to your bank with a bunch of bearer bonds of unknown source, they may decide they need info on source.

Thanks for the explanation, I have no clue about all these bullshit laws all I know is the rich don't pay and the rest of us do.