Avoiding Liability: Changing the Regulatory Structure of Cryptocurrencies to Better Ensure Legal Use

Author:Allison M. Lovell
Position::J.D. Candidate, The University of Iowa College of Law, 2019; B.A., University of Illinois at Urbana-Champaign, 2016
Pages:927-955
SUMMARY

Monitoring the transactions consumers in the United States make when buying and selling virtual currency requires an inventive regulatory system because many types of virtual currency, like Bitcoin, are operated anonymously and independently. In the United States today, the Internal Revenue Service (“IRS”) has little structure in how it monitors cryptocurrencies, merely classifying them as... (see full summary)


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