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14 Est. Plan. & Cmty. Prop. L.J. 621 (2021-2022)
In the Crypt: The Importance of Planning for Distribution of Cryptocurrency Assets after Death

handle is hein.journals/epcplj14 and id is 637 raw text is: IN THE CRYPT: THE IMPORTANCE OF PLANNING FOR DISTRIBUTION OF CRYPTOCURRENCY ASSETS AFTER DEATH Mariah Paulger* I. INTRODUCTION................................................................................ 622 II. WHAT IS CRYPTO? .......................................................................... 624 A. Blockchain Technology: How It Works ....................................625 B. Mining and Staking ................................................................... 626 1. P roof of W ork .....................................................................627 2. P roof of Stake .....................................................................628 C. Keys and Wallets....................................................................... 629 D. Types of Crypto ......................................................................... 630 1 . B itc o in ................................................................................ 6 3 0 2. Ethereum ............................................................................ 631 3 . C a rd a n o ..............................................................................6 3 1 4. XRP ....................................................................................632 E. Crypto Platforms ...................................................................... 633 1. Exchanges .......................................................................... 633 2. Other Third Parties ............................................................ 634 F. Technology on the Blockchain..................................................635 1. Smart Contracts ................................................................. 635 2. Decentralized Apps (dApps)............................................... 637 3. Non-fungible Tokens (NFTs) ..............................................637 4. Decentralized Finance (DeFi) ........................................... 639 III. HOW IS CRYPTO LEGALLY CLASSIFIED IN THE UNITED STATES? .. 640 A. Crypto Classified as Property .................................................. 641 B. Tax Treatment of Crypto as Property ....................................... 641 C. State Specific Treatment of Crypto ...........................................642 1. States Friendly to Crypto ................................................... 643 2. States Difficult for Crypto .................................................. 643 3. Uniform Law Commission Regulation of Virtual-Currency Businesses Act .................................................................... 644 D. Businesses Accepting Crypto ....................................................644 E. How Do Other Countries Classify Crypto? ..............................645 * J.D. Candidate, Texas Tech University School of Law, 2023; B.B.A. in Accounting, Lubbock Christian University, 2020. I would like to thank my Comment Editor, Ana Mitchell Cordova, and Professor Gerry Beyer for their guidance, support, and editorial feedback. I would also like to recognize and give a special thanks to my father and brother, Brent and Seth Paulger, for helping me understand crypto while writing this Comment. Lastly, I would like to thank my mom, Sharissa Paulger, for her love and support throughout this process. 621

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