Inspired by Gupmaster Palley’s tweet, I’ve decided to publish this list of “things I’m waiting for.” This doesn’t mean that I want these things to happen, or that these things happening would be beneficial; they simply seem inevitable to me. Note: I have no unique insight. My crystal ball has never been less than cloudy. I’m not volunteering this based on any insider info. Because there are so many, I’ll break them down into categories:
- Forfeiture of crypto mining equipment based on the argument that miners processed or facilitated an illegal transaction where a payor for something restricted used a crypto asset.
- Money Laundering/RICO against crypto exchanges.
- Money Laundering/RICO against ICOs.
- Insider trading related to an ICO.
- A bot operator indicted for market manipulation.
- A major exchange to settle with the SEC for (a) pay-per-listing (b) listing and allowing trades in unregistered securities.
- The SEC will settle with or sue a statutory underwriter or illegal syndicator of an ICO offering.
- A court will consider the actual location of a crypto asset and determine that it is neither where the “owner” exists or where the private key exists, but instead that the crypto asset exists wherever the internet exists.
- A court will be confronted with a claim by a judgment debtor of a lost crypto asset private key that prohibits her access to crypto assets.
- More than one country will cut its internet connection to another because of “terror” or “narcotics” resulting in a spliternet, and a separation of a public crypto network into distinct networks.
- After that, a country will decide that its geofenced version of a public crypto network asset will be a valid currency in that nation, provided everyone upgrades to its version of the code, which will give the country any unclaimed assets.
- A large token issuer is hacked, resulting in a massive data breach.
- It is revealed that the US government has extremely comprehensive data about who uses what public key addresses based on data they have received from J5, dark web take-downs, EtherDelta, Coinbase, Mt. Gox, & TokenLot.
- New federal income tax guidance is issued that addresses airdrops, forks, and Lifo/Fifo issues.
- Federal and State Tax enforcement actions. Tons of them.
- Florida’s legislature cleans up the conflict between the Florida OFR’s interpretation of s. 560, Fla Stat. and the 3rd DCA in Espinoza.
- States with remote nexus sales and use tax laws will seek to collect on sales of cryptoassets conducted on cryptoasset exchanges.
- At least one state will propose a title system for cryptoassets.