Subnostr

I appreciate you adding that insight. And the cautions regarding SWAN have come from a number of folks. I've appreciated their education focus and they do strongly encourage self-custody...even if you can't do it for the IRA product. They also have a lot of thought leaders I respect that contribute their knowledge to their efforts (Lyn, Livera, Breedlove, Callahan, Boyapati, etc.).

SWAN feels that it will be Unchained customers who will get rekt because of the lack of regulatory clarity and the "precedent" set by the McNulty case.

One of the biggest x-factors is the IRS/government/Congress/Elizabeth Warren's of the world. They could always change the tax code and have a bunch of boomer Congress people put it into law. That is one reason why I never converted to a Roth IRA and pay taxes up front. I just never trusted them to not change the rules, so I've deferred tax payment as long as possible.

Marinatin 2y ago

Yup. Same. I have several other high networth friends trying to ahead of this. It’s something I thought OnRamp might be able to help with but when I talked with Michael he was very dismissive and gave off an arrogant corporate hustler vibe. It was odd considering they spent about 30 minutes gaming out scenarios and discussing multi-jurisdictional solutions on the TFTC product announcement with nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy.

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BitcoinBadger 2y ago

"gaming out" is just casting a wide net to gain interested parties. You find out about the limitations afterwards. That did happen to me with the IRA. I assumed that a company that really stresses "not your keys, not your coin" would understand I'd want to hold the keys for the IRA (which would tend to be the larger sum since it is retirement funds).

I grudgingly understand why they do not allow it - because of the McNulty case and a lack of "regulatory clarity" (did I sound like an exchange, there). But I feel multi-sig makes it a whole new animal since that 3rd key holder (Swan, in this case) would know when the coin moved...thus becoming a potential taxable event unless moving to another qualified retirement plan.

And Swan *does* now support the Checkbook IRA setup - meaning, they will get you setup to take custody, but they tell you the risk and then leave it to you should the IRS come a'calllin' for capital gains and early withdrawal penalties.