Two Internal Revenue Service (IRS) Chief Counsel Advice memoranda (CCAs) provide guidance involving cryptocurrency transactions, both concluding that cryptocurrency is not a “security” under Internal Revenue Code Section 165(g)(2).As a result, the IRS determined that (1) a taxpayer whose cryptocurrency had lost almost all its value could not claim a loss deduction and (2) another taxpayer could not claim a charitable deduction for donating cryptocurrency that had not been independently appraised.The CCAs provide welcome insight on the IRS’s approach to cryptocurrency but also leave some important questions unanswered.In two CCAs, the IRS has issued "non-specific taxpayer" advice involving cryptocurrency transactions,...