As Other Cryptocurrencies Face Scrutiny, Quint Remains Legal
Another day in the crypto world, another day of confusion. Almost three months since the SEC released its statement on trading “digital assets”, the public is no closer to understanding crypto’s legal standing.
In fact, the SEC, FinCEN, IRS and the CFTC couldn’t even decide whether cryptocurrencies are commodities, securities, properties, or currencies. To make matters worse, the confusion permeates into ICOs as well, which the SEC chairman views as securities, but believes certain cryptocurrencies like bitcoin are not securities since they don’t seek to fund a project in exchange for a return.
Are you still following? It’s okay if you’re lost because so is everyone else.
New Technology, Same Old Confusion
Mass confusion, especially in terms of regulation, is to be expected from disruptive technology. Bitcoin is unlike anything that came before it, leading many to consider it as a black swan event. There is no legal precedent for cryptocurrency because it is unlike any medium exchange that came before it.
Unfortunately, there is an order to the way capitalism works. Banks and politicians have cozied up to each other too long, immediately seeking to shut down any viable alternative that poses a threat to their wealth.
If anything is set to truly disrupt the system, it will have to work from within it.
Quintric- The Only Legal Crypto Token Considered As Currency
Forget about Bitcoin and Ether for a second, as lawmakers scramble to figure out how to control them. There’s already a cryptocurrency that isn’t regulated like a security but can be treated as a currency.
It’s called Quint, and it’s launching next month.
How is this possible?
Quintric Is Not A Security
Here’s how the SEC Chairman defines a security:
“…a digital asset where I give you my money, and you go off and make a venture, and in return for giving you my money, you can get a return. That is a security, and we regulate that.”
Under this definition, Quintric is not a security. Quintric stands out from other cryptocurrencies as it is backed by U.S. Government Minted coins, which do not fall under the concept of securities, but are considered “legal tender”.
Quintric has merely tokenized coins and placed them on the blockchain- not adding or changing the value. Think of it as a database for the gold and silver coins already in existence.
Quintric Is A Currency
Quintric is backed by Gold and Silver Eagles, which are considered “legal tender” by the U.S. Government. In essence, that means American citizens have the right to use these coins as they would use paper currency.
Even the name is a dead giveaway- “Quint” refers to the token’s 1/1000th value of a $50 one-ounce Gold Eagle coin (which equates to 5 gold cents).
Quintric’s status as a currency has numerous benefits. The most obvious is the tax benefit. The SEC wants to collect as much as they can in taxes. With Quintric, the value is pegged to gold, not the U.S. dollar. You can safely invest without worrying about the value you owe the government, and you don’t have to worry about not following some arbitrary law.
Quintric Is Not New
Quints are not new. In fact, they’ve been around since 1985. If the government hopes to regulate it, they will need to revisit their definition of a security. Which as the SEC chairman has said in a recent CNBC interview, simply won’t happen during his tenure.
Pre-launch = July 4th!
Investors excited to get their hands on Quint will be happy to know that the global pre-launch begins on the 4th of July, a fitting and symbolic date to represent the pride of this beautiful nation.
Get details on Quintric. Check out the white paper on the website today.
Sign up to be one of the first to invest in one of the most innovative mediums of exchange during our lifetime.
The author is not an attorney or financial advisor. The author would like readers to note that he is a co-founder and board member at the Quintric. None of the content presented should be construed as investment advice or as legal advice.
