IRS signals retreat in court battle that could reshape block reward taxation
Newly minted crypto should be taxed at sale, rather than creation
Last year, Joshua Jarrett sued the IRS for a refund. In 2019 he earned block rewards on proof-of-stake networks, paid taxes as if those rewards were income (as per the...
New bill would hand Treasury blank check to ban crypto at exchanges
And not just crypto. Provision in the America COMPETES Act would allow Treasury to secretly prohibit any kind of transaction it deems a “concern” without any public notice or input.
Another must-pass bill, another rushed policy that severely damages the privacy and constitutional rights of cryptocurrency users. We’ve just seen language in the America COMPETES Act of 2022 (see page...
How policymakers should think about “staking”
The difference between on-chain and custodial staking
A misconception we sometimes see from policymakers looking at cryptocurrency networks is that “staking” and “staking rewards” are some kind of security or interest-bearing lending activity that should be subject...
Congress Takes Its War on Cash to Digital Assets
Understanding Tax Code Section 6050I
The United States government really does not like Americans to make large cash transactions. Now, due to a new law, it really, really does not want Americans to use “digital...
Joint Economic Committee – Demystifying Crypto: Digital Assets and the Role of Government
Coin Center testified before the Joint Economic Committee in a hearing entitled "Demystifying Crypto: Digital Assets and the Role of Government." Peter Van Valkenburgh's written testimony can be found here.
The long-awaited FATF crypto guidance is not as bad as it could have been, but still flawed
Here’s the good, bad, and ugly
After a half-year delay, the Financial Action Task Force (FATF) is back with crypto guidance. The good news is that it’s not as bad as last spring and even includes...
Open Blockchains and Decentralized Identity Standards
An open letter to the W3C Director, CEO, team, and membership
Coin Center is the leading non-profit research and advocacy center focused on the public policy issues facing cryptocurrency and decentralized computing technologies. Our mission is to build a better understanding...
A direct download of this comment is available here.
An unworkable and arguably unconstitutional tax change tucked away in the infrastructure bill
§6050I requires counterparties to surveil each other, even without an intermediary
Much has been said of the dangerously ambiguous revised definition of “broker” in the infrastructure bill and its potential to stifle cryptocurrency innovation in the U.S. There is, however, another...
Senate Banking Committee – Cryptocurrencies: What are they good for?
Coin Center testified before the Senate Banking Committee in a hearing entitled "Cryptocurrencies: What are they good for?" Jerry Brito's written testimony is available here. For more information and...