Crypto-Houdini Criptovalute, vuoti giuridici e non sequestrabilità dei bitcoin alla luce della sentenza n. 1760/2025 della Cassazione

Cryptocurrencies represent emerging forms of digital value that elude traditional meth- ods of control and traceability, positioning themselves in a gray area between financial instruments and decentralized assets. Based on the conclusions drawn by the Italian Supreme Court in ruling no. 1760/2025, this study examines the growing tensions between the need for regulation and the difficulties in applying established legal tools within an evolving and inherently elusive market, such as the cryptocurrency market. In particular, the economic and legal implications arising from the increasing spread of these new forms of investment are analyzed. The paper also explores the dynamics of evasive practices and potential market distortions, highlighting the perverse incentives that emerge in the absence of adequate public oversight. To address this, a regulatory solution is proposed that seeks to balance the need for traceability with the creation of incentives for the voluntary declaration of holdings in these digital assets, aiming to reduce the expansion of the underground market, enhance deterrence against illegal practices, and limit the opportunities for regulatory arbitrage.