82-166 (October 4, 1982), the IRS ruled that an exchange of gold bullion for silver bullion does not qualify for non-recognition of gain under Section 1031(a). The IRS stated: “Although the metals have some similar qualities and uses, silver and gold are intrinsically different metals and primarily are used in different ways. Therefore, the silver bullion and the gold bullion are not property of like kind.” The IRS also stated in Rev. Rul. Silver is essentially an industrial commodity. Gold is primarily utilized as an investment in itself. An investment in one of the metals is fundamentally different from an investment in the other metal.

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One kind or class of property may not, under that section, be exchanged for property of a different kind or class.” It should be noted that, in order to attempt to utilize the tax treatment of Section 1031(a) for transactions done on or prior to December 31, 2017, (i) each transaction must comply with certain requirements set forth in IRS regulations (such as the use, in certain instances, of a “qualified intermediary”), and (ii) the taxpayer must file a Form 8824 with the IRS. There is a risk that the IRS could use its prior revenue rulings on gold bullion as a basis for taking the position that, for transactions completed on or prior to December 31, 2017, different cryptocurrencies are not “property of like kind” under Section 1031(a). In Rev. Rul.

Inherent with its open-source nature, Uniswap does not have a customer identification vetting process and, in fact, circumventing AML laws is touted as one of Uniswap’s foundational values among the cryptocurrency community. This investigation is apparently ongoing. According to official data, over $620 billion of transactions occurred using the Uniswap Protocol in 2022. In September 2021, it was reported that the SEC had begun an investigation into Uniswap Labs and its Uniswap Protocol.

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Accordingly, someone who wants greater certainty of bequeathing cryptocurrency to their heirs will need to provide specific and detailed written instructions in your estate planning documents. The information they will need to include will depend upon the type of virtual currency wallet they have. The current types of cryptocurrency wallets include: (i) a single device software wallet in which you hold the private keys (example: BitPay Wallet), (ii) a multiple device web wallet in which you hold the private keys (example: Blockchain Wallet), (iii) a multiple device web wallet in which you do not hold the private keys (example: Coinbase Wallet), (iv) a USB hardware dongle wallet in which you hold the private keys (example: Trezor Wallet), and (v) a “paper wallet” in which the private keys and public keys are written down (which can be later loaded into a software wallet of your choice to be spent). There are a wide range of cryptocurrency wallets that are available at this time.

OFAC specifically pointed to Tornado’s role in laundering over $455 million worth of cryptocurrency stolen from Axie Infinity’s Ronin Bridge Protocol by the North Korea-affiliated hacking organization, Lazarus Group. Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks. This designation suggests that decentralized protocols may be subject to some of the compliance obligations to which centralized services are held.