Although virtual currencies proliferate across the market, there remains much confusion about what exactly constitutes a cryptocurrency, how its value is determined, and how cryptocurrencies can be used. Facebook’s recent announcement that it intends to launch its own cryptocurrency, Libra, has put the topic of cryptocurrencies front and center and has drawn heightened attention to the need for regulation in this space. Increasing enforcement actions demonstrate that policing cryptocurrencies is becoming a priority for a number of federal agencies, from the Department of Justice (DOJ) to the Securities and Exchange Commission (SEC).