August 7, 2019
Dear Friends and Colleagues,
In June 2019, Facebook and a consortium that included Visa, MasterCard, PayPal, Uber Technologies, Inc. and eBay announced the launch in 2020 of a new digital currency called Libra. In my latest blog, “The Tax Man Taps the Brakes on Digital Currency Expansion,” on The Insider: White Collar Defense and Securities Enforcement hosted by Forbes, I discuss increased calls for regulation of digital currencies, address enforcement efforts by both the Tax Division of the Department of Justice and the Internal Revenue Service, and conclude that the IRS’s treatment of digital currency transactions may serve as an obstacle to the widespread adoption of Libra and other digital currencies by law-abiding individuals.
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