Congress to IRS: Proof-Of-Stake block rewards should not be taxed as income
New letter asks for sensible policy that better reflects the nature of token creation via staking, and its logic applies to proof-of-work as well.
A bipartisan group of members of Congress have sent a letter to the Internal Revenue Service asking that staking rewards for validators in proof-of-stake networks be taxed when sold rather...
Six cryptocurrency functions that nationally chartered banks should be free to engage in.
A direct download of this comment is available here.
Federal regulator: National banks can hold cryptocurrency
The Office of the Comptroller of the Currency has formally stated that nationally chartered banks can hold cryptocurrencies for their customers. As Brian Brooks, Acting Comptroller said, From safe-deposit boxes...
Do we really need more guidance from FinCEN?
In May of last year, FinCEN issued guidance on “virtual currency” that reiterated and explained its original 2014 guidance. It essentially articulates a general principle: a business is subject to...
Do anti-encryption bills in Congress pose a risk to cryptocurrency?
Two bills threatening encryption are driving headlines in the cryptocurrency space, the Lawful Access to Encrypted Data (LAED) Act and the Eliminating Abusive and Rampant Neglect of Interactive Technologies (“EARN...
There is no such thing as “a bitcoin”
Recently on Twitter, the St. Louis Fed’s David Andolfatto asked an interesting question: How hard would it be to track these funds and mark them as fully taxable at any...
Can we decentralize physical infrastructure along with software protocols?
With the launch of Bitcoin in 2009, Satoshi Nakamoto demonstrated a means of achieving distributed consensus (agreement over important data like Bitcoin transactions) at a planetary scale without the need...
What’s in the Bitlicense’s 5-year update?
Some good changes have been made and a door to fix the main issue has been opened.
On the Bitlicense’s 5th anniversary, NYDFS has announced plans to streamline the licensing application process, the new coin listing process, and it has updated a Frequently Asked Questions page. These...
How the OCC can clear a path for financial technology entrepreneurs
The agency’s new acting head has experience with patchwork state licensing.
At last week’s Consensus: Distributed virtual conference Brian Brooks, chief operating officer of the U.S. Office of the Comptroller of the Currency (OCC), said the agency should consider a federal licensing scheme...