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RE: Cryptocurrency & Tax Law in the United States - Repost
Hi, I’ve been reading up about cryptocurrency in the UK. The High Court recently classed bitcoin and other cryptocurrency as “property” and it is being recovered as an asset in criminal lifestyle proceedings. In the distant past, I once blogged about law and a Steemian informed me that the blockchain would mean that lawyers would no longer be needed! 😆 I agree that the blockchain would be useful in contract and property law transactions but less so in contentious disputes.
In regards to crypto being an asset that is recovered in criminal cases, this rings true in the U.S. as well. The U.S. gov just recently auctioned off hundred of bitcoin confiscated in criminal cases. Crypto is just as high a priority in criminal law as it is in property and contract law. In fact, more so criminal law and family law as crypto is counted as division of assets.