Although cryptocurrencies such as Bitcoin are often likened to the Old Wild West, that does not mean there are not any laws governing them. While many issues surrounding the decade-old digital asset remain unclear or unregulated, there are some practices that can get the average retail investor in trouble. For example, federal policies adopted in 2017 impact taxes on cryptocurrency and participation in initial coin offerings. More regulations are likely — and that could be a good or bad thing, depending on whom you ask. This plain-language primer provides an overview of the most common legal issues that investors need to be aware of and what the future may hold.