On Oct. 9, the Internal Revenue Service (IRS) issued additional guidance regarding the taxation of cryptocurrency. The guidance comes more than five years after the IRS issued Notice 2014-21, the first and, until now, only official guidance regarding cryptocurrency. Revenue Ruling 2019-24 (the Revenue Ruling) reaffirms that virtual currency is treated as property and does not constitute currency. The Revenue Ruling distinguishes virtual currencies from foreign currencies. According to the Revenue Ruling, foreign currency, unlike…