Counsel Nicholas Mowbray is quoted in a Sept. 4 Tax Notes Federal article titled “Proposed Crypto Broker Regulations Hit Everything” (subscription required).
“The number of digital assets that are available for trading is staggering,” he told the publication. “Taxpayers face surprising federal tax consequences if [the IRS and Treasury Department] do not take the position that a digital asset or a derivative product qualifies as a commodity or a security.”