Cryptocurrency and Other Digital Assets for U.S. Investors (2021 ed.)

IF 1 4区农林科学 Q3 AGRICULTURE, MULTIDISCIPLINARY

Agricultural and Food Science Pub Date : 2020-10-27 DOI:10.2139/ssrn.3813376

Trevor Kiviat

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引用次数: 0

Abstract

In 2008, an unknown author publishing under the name Satoshi Nakamoto released a white paper describing Bitcoin, a peer-to-peer version of electronic cash, and the corresponding software that facilitates online payments directly between counterparties without the need for a financial intermediary. In the decade that has followed, Bitcoin and countless other open-source, decentralised protocols inspired by Bitcoin (for example, Ethereum) have come to represent a $300 billion-plus market of alternative assets, commonly referred to as “digital assets”, which are typically traded over the internet using online exchange platforms.

The digital asset market extends beyond the assets themselves. Other participants, including online exchanges, payment processors and mining companies, compose the broader digital asset industry. And as this industry continues to grow, it has captured the attention of retail and institutional investors alike, including asset managers seeking to develop investment strategies and products involving these emerging assets and companies. Some strategies resemble early-stage growth strategies, featuring long-term investments either directly in certain digital assets or in start-up ventures developing complementary goods and services for the industry.

Other strategies include hedge fund strategies, such as long/short funds, which often use derivatives, or arbitrage strategies, which seek to capitalise on the price fragmentation across the hundreds of global online exchanges. Additionally, during periods of weak or middling performance in the cryptocurrency markets – for example, during the so-called “crypto winter” of 2018–19 – fund managers began experimenting with novel revenue-generation strategies, such as staking cryptocurrencies, adopting credit fund-type strategies (e.g., distressed debt), engaging in market-making and executing venture capital investments.

This chapter outlines the current U.S. regulatory and tax framework applicable to
cryptocurrency and other digital asset investment funds offered to U.S.
investors and how those regulatory and tax considerations affect fund-structuring decisions.

查看原文本刊更多论文

美国投资者的加密货币和其他数字资产(2021年版)

2008年，一位不知名的作者以中本聪(Satoshi Nakamoto)的名义发表了一份白皮书，描述了比特币，一种点对点版本的电子现金，以及相应的软件，可以在不需要金融中介的情况下直接促进交易对手之间的在线支付。在接下来的十年里，比特币和无数其他受比特币启发的开源、去中心化协议(例如以太坊)已经代表了一个价值3000多亿美元的另类资产市场，通常被称为“数字资产”，这些资产通常在互联网上使用在线交易平台进行交易。数字资产市场超越了资产本身。其他参与者，包括在线交易所、支付处理商和矿业公司，构成了更广泛的数字资产行业。随着这个行业的持续发展，它吸引了散户和机构投资者的注意，包括寻求开发涉及这些新兴资产和公司的投资策略和产品的资产管理公司。有些战略类似于早期增长战略，其特点是直接对某些数字资产进行长期投资，或者对为行业开发互补产品和服务的初创企业进行长期投资。其它策略还包括对冲基金策略(如多/空基金)，它们经常使用衍生品;或套利策略，它们寻求利用全球数百家在线交易所的价格分化。此外，在加密货币市场表现疲软或中等的时期——例如，在2018-19年所谓的“加密寒冬”期间——基金经理开始尝试新的创收策略，例如投资加密货币、采用信贷基金类型的策略(例如，不良债务)、从事做市和执行风险资本投资。本章概述了当前适用于向美国投资者提供的加密货币和其他数字资产投资基金的美国监管和税收框架，以及这些监管和税收考虑因素如何影响基金结构决策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Agricultural and Food Science 农林科学-农业综合

CiteScore

2.50

自引率

0.00%

发文量

审稿时长

>36 weeks

期刊介绍： Agricultural and Food Science (AFSci) publishes original research reports on agriculture and food research related to primary production and which have a northern dimension. The fields within the scope of the journal include agricultural economics, agricultural engineering, animal science, environmental science, horticulture, plant and soil science and primary production-related food science. Papers covering both basic and applied research are welcome. AFSci is published by the Scientific Agricultural Society of Finland. AFSci, former The Journal of the Scientific Agricultural Society of Finland, has been published regularly since 1928. Alongside the printed version, online publishing began in 2000. Since the year 2010 Agricultural and Food Science has only been available online as an Open Access journal, provided to the user free of charge. Full texts are available online from 1945 on.