Miller argued that Bitcoin doesn’t demand government infrastructure to validate or enforce property rights. This sets it apart from conventional assets like real estate. “When you purchase or sell a property, all the recordation and related taxes are directed towards maintaining records of ownership,” explained Miller.

He further elaborated, “If you examine why society pays taxes, it’s primarily to enforce property rights.” He pointed out that this isn’t necessary with Bitcoin and added, “The government didn’t create Bitcoin, and that’s a crucial point to remember. The blockchain automates this property aspect for itself.”

Earlier this year, there were rumors that Eric Trump, son of former US President Donald Trump, suggested abolishing capital gains taxes on specific US-based cryptocurrencies. On the topic of Bitcoin potentially being exempt from capital gains tax, Miller commented, “Whether that ultimately transpires or not, it’s noteworthy that Bitcoin doesn’t have a wash sale rule.”

When asked about the possibility of a property tax on Bitcoin, similar to property taxes in the US, Miller mentioned that he wasn’t certain, but suggested there’s a strong case against it.

Miller also highlighted that traditional asset managers still confront challenges when purchasing Bitcoin, primarily due to tax uncertainties. He concluded, “I maintain that it’s still early days for Bitcoin, given the intriguing taxation rules surrounding it.”

Bill Miller IV is the son of renowned investor Bill Miller III, who is famous for outperforming the S&P 500 for 15 consecutive years at the investment behemoth Legg Mason. In an interview in January 2022, Miller III revealed that he holds 50% of his net worth in Bitcoin and related investments in leading industry companies like Michael Saylor’s Strategy and BTC mining firm Stronghold Digital Mining.

The post “Fund Manager Argues Bitcoin’s Taxation Isn’t Justified: Here’s Why” appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Whitehouse-Levine, well-known in the U.S. crypto community, will continue his association with the organization as a board member. An announcement made on Thursday revealed this change, and sources close to Whitehouse-Levine hinted that he is set to take on a new role within the industry lobbying space.

In a statement released on Thursday, Whitehouse-Levine expressed his confidence in his successor, “I am leaving my current role at DeFi Education Fund to pursue a new opportunity. However, I am assured knowing Amanda’s passion, brilliance, and exceptional leadership skills will elevate DEF’s service to the DeFi community to unprecedented levels.”

Established in 2021, the DeFi Education Fund has recently witnessed a significant victory as the U.S. Congress is considering the removal of a Biden administration rule introduced by the Internal Revenue Service. This rule, if implemented, could have imposed devastating compliance requirements on DeFi projects.

“There is an influential bipartisan group of U.S. policymakers and regulators who are now proactively and thoughtfully considering sensible crypto legislation and regulatory frameworks for the first time in DeFi’s history. They are considering how these fit with technological innovation. Our mission at DeFi Education Fund has never been more vital,” stated Tuminelli.

The post DeFi Education Fund’s Leadership Shifts as Miller Whitehouse-Levine Steps Down appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.