SEC ruling part 2: The bigger picture

Last week, several attorneys offered their perspectives on the SEC ruling that tokens are securities and, as such, their sale is subject to SEC regulations. This week, our legal experts look at the larger questions raised — about the future of blockchain regulation, and whether the rules regarding token sales need clarification.

Should governments use blockchain technology?

The Trump administration has expressed interest in blockchain technology, which raises a few questions: Should government entities use the blockchain? And if so, what are some of the use cases?

Considering donating virtual currency to charity?

A growing number of 501(c)(3) nonprofit organizations are accepting bitcoins, including well-known charities. The IRS treats virtual currency as property, causing administrative issues for tracking gains and losses when using virtual currency for donations and other purposes.

United States falls behind in virtual currency regulation

The slow response of U.S. government agencies to provide helpful virtual currency regulation is undermining use and innovation of the promising currency. The U.S. is falling behind other countries in this crucial area.

IRS bitcoin policy leaves questions unanswered

In 2014, the IRS published a notice to give some guidance on how bitcoin taxation will function. Unfortunately there were some critical gaps in that notice that need to be filled.

Navigating FinCEN regulations

The Financial Crimes Enforcement Network regulates a variety of issues related to virtual currency such as oversees transactions and financial criminal activity. Failure to turn in the right reports to FinCEN can lead to big financial losses, so exchanges must understand their legal options and obligations.

Property, commodity or currency? Virtual currencies and taxes

Taxes can be very complicated. When you add in a new currency into the mix, it can get fairly murky, especially when different agencies define virtual currency differently.

Are you prepared for virtual-currency's effect on accounting, business practices?

Most small and midsized companies are not ready, reports Software Advice; nor are major accounting-software suppliers taking bitcoin seriously.

Reporting virtual-currency payments: Taxation of virtual currency, part III

Plus: penalties for noncompliance, and what might be on the horizon.

Virtual-currency taxation, part II: Taxing virtual-currency income

Wages, self-employment income, taxes on mining and more.

Taxation of convertible virtual currency, part I: It’s not money

Tracking basis and value at sale is fairly straightforward for taxpayers dealing in convertible currency as an investment.

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In the spring of 2014, the US IRS indicated that virtual currencies should be treated as property not currency, and the Australian Tax Office followed suit in the fall. Here's where you can read about tax-related issues with virtual currencies as they come to pass.