Former CFTC Commissioner explained by professional Forex trading experts the “Former CFTC Commissioner” FX trading team.
Former CFTC Commissioner
In one of the most stark examples of “establishment” people jumping on the cryptocurrency bandwagon, former CFTC Commissioner Bart Chilton – one of the most recognizable faces and symbols of financial regulation – revealed this weekend that he is deeply involved in the ICO of a new token called OilCoin.
Post ICO, OilCoin intends to become an SEC registrant subject to periodic reporting requirements of the U.S. Securities Exchange Act of 1934.
Bart Chilton is one of seven executives listed among the “Leadership Team” of OilCoin. Included among the others are TPG Capital veteran Darius Brooks, noted corporate lawyer Daniel Eisner of DLA Piper, and Global Head of Technology for Credit Suisse Group AG (ADR) (NYSE:CS) Michael Pahlke.
From a quick look at his personal website bartchilton.com, it is very clear that former Commissioner (2007-2014) Chilton is very “into” the cryptocurrency and ICO world. The lead “story” on his site is a Forbes-based article entitled “Bitcoin’s $6,400 Price Tag Explained By Initial Coin Offering Craze“. The top two videos presented on the site of recent appearances by Mr. Chilton are on opportunities and regulation of ICOs, and on the decision of CME Group to launch Bitcoin futures.
Why not just buy Crude Oil related ETFs (and there are plenty to choose from) instead of OilCoin?
According to OilCoin, its unique entity structure is expected to provide a simplified approach to taxes for investors seeking to hold investments in oil. Unlike OilCoin, U.S. based oil ETFs subject holders to annual tax and tax reporting obligations due to allocations of income related to the ETFs’ oil holdings. In contrast to ETFs, but like other digital tokens, OilCoin is expected to be treated as property for U.S. Federal income tax purposes and will not allocate income related to OilCoin’s operations (including supporting oil reserves) to holders of OilCoin.
As a consequence of this structure, long term U.S. holders of OilCoin will not be subject to annual tax but instead will be taxed only upon their sale of OilCoin. Similarly (and unlike U.S. based oil ETFs), ownership of OilCoin does not subject non-U.S. persons to U.S. tax obligations. By separating the tax attributes of OilCoin from the tax attributes of its supporting oil reserves, OilCoin represents the creation of a new and unique financial instrument with potentially favorable tax treatment and return profile for U.S. and non-U.S. investors.
Former CFTC Commissioner Conclusion
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