One state in the USA is leading the way to make crypto 'legal property'.
Exactly what that means will be down to the lawyers, but one big benefit that is mentioned is banks can now recognise it.
In some parts of the world a multi millionaire based on BTC, can't use that asset as collateral for a loan, as it is not recognised by the banks.
This new legal status is a move in the right direction.
What is a bit confusing is the fact that some sates allow taxes to be paid, with BTC but they have not deemed it (yet) to be legal property, so what is it then?
The whole crypto rules, regs and playing field is becoming very distorted.
Maybe it is time for those that know crypto & SEC don't apparently, to step up and get some legal frameworks in place before things get to far off track.
👍
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