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Notwithstanding our comment at the outset of this article that we would refrain for the moment from participating in the contentious discussion of the appropriate approach to the issues raised by state taxation of cryptoassets, we cannot resist suggesting that in our view, the New Jersey guidance is overbroad because it fails to recognize the substantial and meaningful variability of cryptoassets. In addition, taxing authorities must contend with the genuine risk of tax evasion because blockchain-based tokenization intrinsically obscures the ownership and transfers of underlying assets, thereby facilitating such evasion. New Jersey treats convertible virtual currency as an intangible for sales tax purposes. Distributed ledger technology, such as blockchain technology, uses independent digital systems to record, share, and synchronize transactions, the details of which are recorded simultaneously on multiple nodes in a network. We describe the federal income tax guidance on the treatment of cryptoassets insofar as it may influence the state tax guidance on such treatment because of conformity and other considerations.