The cryptocurrency industry faces many of the same legal and operational issues as digital asset fund managers in today’s climate. The recent CoinAlts Fund Symposium provided a comprehensive overview of the state of the cryptocurrency industry, as well as the hurdles that market participants must overcome. The program featured Lewis Chong, partner at Harneys; Bart Mallon, partner at Cole‑Frieman & Mallon; Cynthia M. Pedersen, director at Cohen & Company; Matt Perona, chief operating officer and chief financial officer at Polychain Capital; and Matthew Stover and Seth Altman, CEO and director, respectively, at MG Stover & Co. This two-part series distills the primary points presented during the symposium. This first article reviews current U.S. taxation of cryptocurrency and proposed U.S. legislation. The second article will highlight offshore legal and regulatory considerations, as well as provide a summary of the current state of the cryptocurrency market. For more from Cole‑Frieman & Mallon and MG Stover & Co. professionals, see “Best Practices for Funds That Invest in Digital Assets” (Feb. 21, 2019).