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Crypto Asset Legal Difficulties
Exploring crypto assets is akin to visiting the Land of Oz. Outwardly, both seem dazzling, foreign and off-color. However, by removing the technological blinders, equivalent to the emerald glasses worn by the citizens of the Emerald City, attorneys will likely understand that they know all they need to integrate crypto assets into their practice.
There are no statutes, rules or regulations requiring unique treatment for crypto assets. For tax purposes they are treated like property, even if the crypto assets are called cryptocurrency and named Bitoin (see, IRS Notice 2014-21). When appraised, crypto assets are valued at fair market value, traditional contract, tort, property laws, as well as the rules of intestate succession law (common law, community property, or elective community property as normally applied) are applicable to crypto assets.
Since crypto assets may be incorporated into and controlled by legal trusts, they are easily found, subject to valuation, and transferable. In sum, while crypto assets differ from traditional assets in one significant way, they may be treated by attorneys as the same.
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