Taxation for Cryptocurrency, NFTs and Other Digital Assets Still in Its Infancy in the US

There are also industry participants who believe that digital assets should require new tax rules because of their newness, though I’d argue that every asset and transaction, no matter how new or old, has always fit within an existing cubbyhole in the U.S. tax system. The government may write special rules regarding the treatment of the new asset within the cubbyhole, but there will be an existing tax bucket for every new idea.