Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
- Coinbase said it has asked the US Internal Revenue Service (IRS) to allow cryptocurrency and related financial product investments in Trump Accounts.
- Coinbase said Trump Accounts should broaden their investment scope to include digital assets or funds that invest in digital assets, expanding competition among financial firms and opportunities for diversification.
- Trump Accounts currently can invest only in mutual funds and ETFs tracking stock indexes centered on US companies, and do not include cryptocurrencies such as Bitcoin or crypto ETFs.
Forecast Trend Report by Period
Coinbase, the largest US cryptocurrency exchange, said it has asked the Internal Revenue Service to allow Trump Accounts to invest in digital assets, arguing the children’s asset-building accounts should be expanded beyond low-cost funds that track US stock indexes to include cryptocurrencies and related financial products.
Coinbase Chief Policy Officer Faryar Shirzad said on <a href="https://xpertsstudio.com/eu-faces-september-30-clock-to-decide-future-of-defi-loans/” title=”EU faces September 30 clock to decide future of DeFi loans”>September 25 that the company had submitted a comment letter to the IRS on the implementation and expansion of Trump Accounts. He wrote that the accounts should be allowed to hold actively traded digital assets or funds that invest in digital assets.
Shirzad said the investment universe for Trump Accounts should be broadened to the level permitted for traditional individual retirement accounts, or IRAs. Rather than limiting the accounts to a preset list of products, regulators should allow a wide range of eligible investments that meet certain standards, he added. That would promote competition among financial firms while expanding investor choice and diversification opportunities.
Coinbase President and Chief Operating Officer Emilie Choi said the company was among the businesses that backed Trump Accounts from the start. She added that Coinbase would help young Americans build assets and lay the foundation for financial independence at a critical stage of life. In January, Coinbase said it would match the US government’s $1,000 contribution with an additional $1,000 for eligible children of its employees.
Trump Accounts are a type of traditional IRA introduced for Americans under age 18. For US citizens born between 2025 and 2028, the government will provide a $1,000 seed contribution for each account. Parents, employers and charities can also contribute additional funds.
Investment options during the growth period are tightly restricted, however. Under draft rules released by the IRS last month, funds must be invested until the end of the year in which the beneficiary turns 17 in mutual funds or exchange-traded funds tracking stock indexes centered on US companies. Leverage is not allowed, and annual fees must not exceed 0.1% of assets. The current proposal does not permit direct purchases of cryptocurrencies such as Bitcoin or investments in crypto ETFs.
Source: en.bloomingbit.io