This represents the first time that the US government has seized the assets of an ICO it believes to be fraudulent. “This is the first time the commission has sought the appointment of a receiver in connection with an ICO fraud,” said Steve Peikin, co-head of SEC enforcement, in a statement. “We will use all of our tools and remedies to protect investors from those who engage in fraudulent conduct in the emerging digital securities marketplace.” The IRS has ruled that bitcoin and other cryptocurrencies are viewed as property, and not currency, for tax purposes. Although some exchanges may properly issue a Form 1099, individuals remain responsible for keeping account of gains and paying taxes on them. Transactions in cryptocurrencies generate either short-term or long-term capital gains or losses and must be filed as such.