As the price of bitcoin leaps and lurches toward new highs, it
seems fitting that the legal regime surrounding it and other
virtual currencies is similarly unpredictable. With bitcoin edging
its way into mainstream finance, and Coinbase, one of the
world's largest exchanges of bitcoin and other
cryptocurrencies, currently holding the top spot on Apple's
free apps chart, U.S. regulators have begun to grapple with how to
bring cryptocurrencies and those who use them into compliance with
existing and new laws. Though some agencies, like the Securities
and Exchange Commission, have chosen a soft entry into regulation
by first issuing proactive guidance, others, including the Internal
Revenue Service (IRS), have opted to go directly into enforcement
actions. A recent decision by the U.S. District Court for the
Northern District of California on these actions has brought issues
of cryptocurrency account holders' privacy, anonymity and tax
liability onto center s
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