Yes. Cash gifting is legal as long as at least the 2 most important provisions are made… Documentation must be involved and the appropriate tax codes must be followed. The U.S. gifting rules are found in the IRS Tax Code, Title 26, Sections 2501-2504 and 2511. Also, you should keep in mind that state law will always supersede federal when it comes to your personal tax situation. Churches, civic groups and people from around the world have participated in organized gifting for over 300 years. Laws state that it is legal for individuals to exchange gifts. In the United States we have the Preamble, the Constitution and the Bill of Rights to protect a private citizen's rights to earn, pay taxes and give away property and cash as long as it is done according to the laws and codes of this country. This is not a pyramid scheme. A pyramid is associated with a company or a business. Gifting programs are not companies, just a private sharing clubs. Everyone gives the same gifts, works together in team dynamics and receives the same gift. In a pyramid, only those at the top profit while those at the bottom never reach the top. In a pyramid, people can and have lost their money. A pyramid is also not to be confused with "Network Marketing". Although Network Marketing is a legal and viable source of income, when was the last time you, or anyone you know, was able to start at the bottom of the company and reach the top position in the company? NEVER!
Check these links for more details.
US Law 26 sections:
http://www4.law.cornell.edu/uscode/26/2501.html
http://www4.law.cornell.edu/uscode/26/2502.html
http://www4.law.cornell.edu/uscode/26/2503.html
http://www4.law.cornell.edu/uscode/26/2504.html
http://www4.law.cornell.edu/uscode/26/2511.html
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