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The Securities and Exchange Commission has issued various reports interpreting its authority under the Securities and Exchange Act of 1934 to regulate cryptocurrency. In these reports, the SEC has discussed the application of existing federal securities laws to the Initial Coin Offerings of cryptocurreny and the platforms upon which it trades. The Internal Revenue Service has also issued guidance on the taxation of transactions involving cyrptocurrency. This proposed paper discusses the pronouncements of both the SEC and IRS as they relate to this new class of investment vehicle.