Bitcoin (BTC) is not a "security", says the pro-crypto mayor of New York

Eric Adams, the mayor of New York, would have $30,000 bitcoins Right now. Normally, with a rich crypto wallet over $1,000, it is bound to mention in their annual tax return. Except that Mr. Adams did no such thing. As an excuse, he argued that bitcoin is a security.

Eric Adams provokes the tax authorities

Driven by the ambition to make cryptocurrencies essential, pro-bitcoin mayor Adams said he will convert his salary to BTC. Right now, the New York City Chief Justice is around 1 BTC rich. He actually asked this that his three months salary be converted into cryptos.

Blockworks pointed out that Eric Adams committed a mistake by omitting the reporting of his BTC holdings in the mandatory report of 2022. However, the New York Conflict of Interest Commission requires any declarant to mark a “yes” in the box associated with a possible holding of participation in ” any security (such as stocks, bonds, ETFs, mutual funds, or cryptocurrencies) with a market value of $1,000 or more “.

Excerpt from the electronic version of Eric Adams

Instead of submission, Mayor Adams chose the path of disobedience. Putting a “no” in place of a “yes” is like an affront when you have at least $30,000 (before taxes) in bitcoin and ethereum in your crypto wallet.

In the eyes of the protective mayor of New York BTC mining activities, the cryptocurrencies in its possession do not constitute securities (or “securities”). Rather, they are currencies.

Bitcoin is not a security

This is the opinion of Eric Adams, who was certainly referring to Gary Gensler’s statement dated late February 2023 stating that cryptos besides bitcoin are securities. In other words, the SEC he chairs has no power over the queen of cryptocurrencies.

Gensler believes bitcoin is the opposite of these securities. because there is a group in the middle and the public anticipates profits based on this group “.

He was entitled to responses from pro-crypto lawyers at the end of this assertion. The SEC is unable to regulate the crypto industrythey chanted.

Mayor Adams will revise his statement

This initiative by the mayor of New York would be a misunderstanding of the content of form. Like Phil Banks, deputy mayor in charge of public safety, and Timothy Pearson, councillor, Mr. Adams will answer with a “yes” to the cryptocurrency section.

Mr. Pearson admitted to owning less than 5% of a bitcoin stake worth roughly $60,000. While Mr. Banks mentioned that $6,000 in BTC and $5,000 in ETH are currently in his crypto wallet.

Miami Mayor Franchis Suarez also declared his crypto holdings valued at $70,000. As for pro-bitcoin Democrat Robert F. Kennedy Jr, his bitcoins range between $100,001 and $250,000.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential!

Similar Posts