Some ETFs argue that handing appreciated crypto assets to redeeming investors lets them exclude those gains from the 90% income test required for favorable fund tax treatment. Treasury and the IRS are scrutinizing that interpretation. The digital-asset strategy is under review, with no ban announced. Regulators say future guidance could apply retroactively where legally permitted, and abusive arrangements can already face examination under existing law. https://cryptoslate.com/a-7-billion-crypto-etf-plumbing-boom-just-ran-into-the-irs/