The US Cryptocurrency Landscape Is Changing – Here’s What You Need To Know

The US government has turned a keen eye to cryptocurrencies in recent years. This focus was evident last October when the Internal Revenue Service (IRS) posted its first piece of cryptocurrency tax guidance since 2014. For many, this lifted the haze, which has shrouded crypto tax for several years. For others, however, crypto tax in the US is just as foggy as ever. But what do you need to know, and how will the US cryptocurrency tax landscape shape up in the years to come? 

Per the latest IRS guidance, the agency has deemed digital assets as “property for US federal tax purposes.” This not only applies to bitcoin, but also includes altcoins such as Ethereum, Litecoin, and XRP – regardless of classifications made by the security and exchange commission (SEC). In other words – much like commodities such as gold and silver, as well as stocks…