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SECRET SEC Crypto rules just passed!In March , the IRS declared that �virtual currency,� such as Bitcoin and other cryptocurrency, will be taxed by the IRS as �property� and not currency. See. Cryptocurrencies and initial coin offerings (ICO) are all the rage in startup financing. Until mid, these ICOs existed in a wild west environment. After months of bad news for cryptocurrency, the Securities and Exchange Commission's latest moves could be apocalyptic for the industry.