The SEC, CFTC and IRS all treat digital assets differently, creating considerable uncertainty for fund managers that invest in them. The SEC views many, if not most, tokens as securities, while the CFTC views certain tokens as commodities. The IRS, which has issued limited guidance on the tax treatment of digital asset transactions, treats virtual currencies as “property” and does not consider tokens to be “securities” for purposes of certain sections of the Internal Revenue Code. A Strafford seminar examined the uncertain tax treatment of many common types of tokens, transactions and structures within the digital asset ecosystem, including trading, mining/staking, liquidity pools, lending, stablecoins and investments in digital asset startups, as well as the potential tax treatment of common fund activities involving digital assets. The program featured Mark E. Mullin, counsel at Shartsis Friese LLP; Jonathan (Jon) Van Loo, partner at Scale LLP; and Yu Ting Wang, shareholder at Yu‑Ting Wang, P.C. This article distills their insights. See “Recent Regulatory and Market Developments Affecting Digital Asset Funds and Digital Securities” (Jul. 22, 2021).