The legal risk of holding cryptocurrency in the United States can come from a variety of sources, including:
Regulatory uncertainty: The regulatory landscape for cryptocurrencies in the United States is still developing, and it can be difficult to predict how new laws and regulations will impact the value and use of cryptocurrencies.
Enforcement actions: The U.S. government and financial regulators, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have taken enforcement actions against individuals and companies involved in illegal or fraudulent activities related to cryptocurrencies.
Taxation: The Internal Revenue Service (IRS) has classified cryptocurrencies as property for tax purposes, which means that cryptocurrency holdings may be subject to federal income tax and capital gains tax. However, the tax treatment of cryptocurrencies is still evolving, and it can be difficult to understand and comply with all the relevant tax laws and regulations.
Civil lawsuits: Cryptocurrency holders may be subject to civil lawsuits related to their holdings, such as disputes with exchanges or other intermediaries, or claims of fraud or misrepresentation.
It's important to note that the legal risk of holding cryptocurrency in the United States can be complex and ever-changing, and it may be a good idea to consult with a qualified attorney to understand your rights and obligations in this area.