This guide covers digital assets across every legal regime that reaches them. It sets out the classification questions — security, commodity, money transmission — and why the answers are transaction-specific rather than permanent attributes of an asset. It treats custody as the organizing legal issue, explaining what a private key means in property terms and what happens to customer assets when a custodian fails. It covers tax treatment in operational detail, including basis, dispositions, income on receipt, losses, and information reporting. It covers fraud patterns and what actually determines recovery, sanctions and anti-money laundering obligations, stablecoins and payments, and the estate and incapacity planning that prevents permanent loss. Litigation, discovery, forfeiture, and compliance program design close it out.