A Note from the Editors-in-Chief

In our first piece, Form Over Function in the U.S. Taxation of Crypto Might Not Be All Bad, Jason Schwartz considers recent cryptocurrency guidance and takes the position that the government's approach to cryptocurrency taxation to date has not placed particular emphasis on the substance of individual arrangements. [...]the article focuses specifically on proposals affecting: (i) the stock repurchase excise tax; (ii) derivatives referencing partnerships that generate effectively connected income; (iii) digital asset mining; (iv) the wash sale rules; (v) the rules pertaining to securities lending arrangements; and (vi) the mark-to-market rules under Code Sec. 475. Joshua S. Tompkins is a Managing Director and Paul Kunkel is a Director in the Financial Institutions and Products Group of the Washington National Tax Practice of KPMG LLP.