Bitcoin first mentioned in the US Supreme Court Opinion

On Thursday Bitcoin made its first appearance in an opinion issued by the US Supreme Court
21 June 2018   1638

The case, Wisconsin Central Ltd. v. United States, is not connected with bitcoin’s regulatory or legal status. It checked whether employee stock options perform  taxable compensation under the Railroad Retirement Tax Act of 1937. That might  seem like an unlikely location for a  bitcoin discussion to be kept, but, however, as justices noted in both the majority and dissenting opinions, the matter made them to consider a fundamental question that has also taken on a renewed importance in the decade following the publication of the Bitcoin whitepaper: “What is money?”

Finally, the 5-4 majority stated that employees should not be taxed for exercising stock options since the action does not constitute “money remuneration.” Nevertheless, writing in a dissenting opinion, Justice Stephen Breyer reasoned for a “broader understanding of money” and claimed that stock options should be classified as taxable compensation.

Breyer, J.
Breyer, J., dissenting

Breyer’s opinion, which contained a citation to Money: The Unauthorized Biography -  From Coinage to Cryptocurrencies, referred bitcoin as an example of the changing nature of money and supposed that “perhaps one day employees will be paid in Bitcoin or some other cryptocurrency.”

When Thursday noticed the first instance of the word “bitcoin” being embelled in a Supreme Court opinion, it’s unlikely to be the last. Actually, cryptocurrency’s perceived association with drug trafficking and other criminal activities could make a prominent appearance in a case whose petition is presently expected before the Court.

Wilshire Phoenix to Update BTC ETF Application

It's planned that the exchange traded fund will be provided not only by the crypto, but also with treasury bonds
17 October 2019   77

Wilshire Phoenix and NYSE Arca have amended the application for the launch of Bitcoin ETF.

The fund will be provided not only with the first cryptocurrency, but also with treasury bonds.

The custodian of digital assets will be Coinbase Custody. The company will confirm the availability of bitcoins in providing the fund within five working days from the moment of monthly rebalancing.

To determine the value of the bitcoins held, the fund will use the base rate of the Chicago Mercantile Exchange - CME CF Bitcoin Reference Rate (CMR CF BRR).

Wilshire Phoenix recommended that the US Securities and Exchange Commission (SEC) focus on the spot market for bitcoin, which plays a key role in determining its value.

The SEC has already begun to accept public comments on the updated proposal.

Wilshire Phoenix and NYSE Arca filed an initial application in May. At the end of September, the SEC postponed a decision on it.