 The US Internal Revenue Service (IRS) ruling Notice 2014-21 defines any virtual currency, cryptocurrency and digital currency as property; gains and losses are taxable within standard property policies.On 20 March 2013, the Financial Crimes Enforcement Network issued a guidance to clarify how the US Bank Secrecy Act applied to persons creating, exchanging and transmitting virtual currencies.In May 2014 the US Securities and Exchange Commission (SEC) "warned about the hazards of bitcoin and other virtual currencies".