28 October
IRS Seizes Assets on Suspicion Only: Bitcoin could be Next
The law, known as “civil asset forfeiture” was structured to not only track deposits made by suspected criminals but to seize them as well. But anyone who knows how bureaucracies operate knows that laws such as this often result in a slippery slope, sweeping up the innocent along with the guilty more often than not. This might not be much of a concern for members of the Bitcoin community except for two things: the IRS ruling that Bitcoin is property instead of currency and Structuring (31 U.S. Code § 5324), also known as “smurfing.”
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