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In the United States, various federal agencies have conflicting classifications for bitcoin and other cryptocurrencies, leading to a complex legal and regulatory environment. The FBI treats bitcoin as money, which supports charges related to money laundering. Conversely, the IRS defines it as property, thereby subjecting it to capital gains taxes. The SEC categorizes cryptocurrencies as securities, resulting in lawsuits against exchanges for fines, while the CFTC views them as commodities, restricting their use as currency. This disparate treatment underscores the lack of a unified stance on the nature of cryptocurrencies, complicating compliance and enforcement efforts.
Lawyers & 3-letter agencies don't know what bitcoin is: money, property, security, commodity? Economists & investors don't know what bitcoin is: store of wealth, medium of exchange, unit of account? Engineers & devs don't know what bitcoin is: database, ledger, messaging system?
"crypto isn't money" "but you need a money transmitter license" "lol it's not a threat to the government, everyone knows it's worthless" "but we're banning it" "it has no value, but you need to pay taxes on it"
"crypto isn't money" "but you need a money transmitter license" "lol it's not a threat to the government, everyone knows it's worthless" "but we're banning it" "it's not an asset, has no value" "but you need to pay taxes on all gains"