Congressional members call for fair taxation of staking rewards in letter to IRS
August 4, 2020 — Today, the Proof of Stake Alliance (POSA), a industry-driven advocacy organization for Proof of Stake (PoS) technology, with the support of Rep. David Schweikert (R-AZ), Bill Foster (D-IL), Tom Emmer (R-MN), and Darren Soto (D-FL), calls on the Internal Revenue Service (IRS) to examine concerns regarding the taxation of staking rewards. POSA appreciates the support of the co-chairs of the Blockchain Caucus on this important issue, and welcomes continued engagement with the IRS.
Today, Rep. Schweikert, Foster, Emmer, and Soto released a letter to the IRS that addresses concerns over the taxation of staking rewards for proof of stake blockchain networks. The letter stressed the importance of supporting American ingenuity and raised concerns of a “compliance nightmare for taxpayers and the Service alike.” POSA, with the support of our members and partners, worked closely with the co-chairs to draft language for the letter. …
Leading US Exchange joins industry group to help drive responsible standards for staking industry
New York & San Francisco, May 20, 2020 — Binance.US has joined the Proof-of-Stake Alliance (“POSA”) and signed on to support the recently released Industry Driven Solutions created by POSA.
The New York-based industry group, known as POSA, advocates worldwide for the appropriate treatment under the law of proof-of-stake–based technologies.
Industry Driven Solutions
Binance.US membership announcement comes a week after POSA released it’s Industry Driven Solutions which are a set of principles developed by POSA to ensure staking providers are seen as security and infrastructure providers rather than financial product providers. …
Industry leaders collaborate to create principles to guide staking providers
May 14, 2020, New York, NY — Today, the Proof of Stake Alliance (POSA), a community-driven advocacy organization for Proof of Stake (PoS) technology, announced important steps aimed at improving the regulatory landscape that surrounds the Staking as a Service (STaaS) market.
Digital asset innovators are increasingly embracing Proof of Stake as the consensus protocol of choice for their native networks. …
Coinbase Custody and Bison Trails join Tezos, Interchain Foundation, Web3 Foundation, and others to support the critical mission of the alliance
January 30, 2020, New York, NY — Today, the Proof of Stake Alliance (POSA), a community-driven advocacy organization for Proof of Stake (PoS) technology, announced the addition of Coinbase Custody and Bison Trails to the alliance. Coinbase Custody, a provider of secure, institutional-grade offline storage solutions for the digital asset ecosystem, and Bison Trails, a leading provider of blockchain infrastructure, expand the diverse group of POSA members engaging with and educating regulatory and policy stakeholders.
“Proof of Stake is an increasingly important innovation that the crypto space as a whole is rapidly trending toward,” offered Sam Mcingvale, CEO, Coinbase Custody. “POSA is playing a critical role by engaging with lawmakers and regulators to educate them on emerging POS technology. It’s our hope that through the work of organizations like POSA, we’ll start to see meaningful conversations and, in time, clarity when it comes to POS and its applications.’ …
New York & Zug, November 11, 2019 — Web3 Foundation has joined the Proof-of-Stake Alliance as a voting member.
The New York-based industry group, known as POSA, advocates worldwide for the appropriate treatment under the law of proof-of-stake–based technologies.
Web3 Foundation’s membership announcement comes ahead of meetings this week in Washington D.C. between POSA and American lawmakers from both parties and legislative houses; representatives of the executive branch at the Department of the Treasury; regulators; and a leading non-partisan economic think tank.
Web3 Foundation Chief Financial Officer Kasper Mai Jørgensen will travel to Washington for the two days of meetings scheduled for November 13–14.
“POSA is extremely excited to welcome Web3 Foundation as one of its members,” said Evan Weiss, founder of the Proof-of-Stake Alliance. “When we started POSA our goal was to bring the best teams and minds in the staking ecosystem together to educate and advocate on these critical issues. With the addition of Web3 Foundation, we are continuing to execute on that mandate.” …
It has been an exciting few weeks at POSA since our public launch. Much of staking industry has rallied to support POSA’s primary mission of educating legislators, regulators, and other stakeholders on the benefits of the proof-of-stake consensus algorithm. POSA members joined together to conduct the first working group which focused on the taxation of staking rewards. Additionally, POSA is excited to announce the addition of a few new members all who are leaders in the staking space.
New Members
Part of POSA’s initial goal was to bring together distributed ledger projects utilizing the proof-of-stake consensus mechanisms. As noted in our announcement post, a majority of these projects originate from cutting-edge research at leading American research institutions and real-world expertise from top American companies in the technology and financial industries. …
Amid regulatory uncertainties, the Proof of Stake Alliance forms to help educate legislators, regulators and other stakeholders on the benefits of the Proof of Stake consensus algorithm.
(Washington DC, August 1st) A number of leading projects, service providers and industry organizations joined together to form the Proof of Stake Alliance (“POSA”). The primary mission of POSA is to educate regulators and lawmakers about the benefits of Proof of Stake, a consensus mechanism that is more efficient, decentralized, and environmentally friendly than Proof of Work, as well as to address regulatory uncertainty that could limit this innovation.
POSA members will proactively collaborate with stakeholders to address a number of key issues, such as the following:
- Representing Proof of Stake protocols’ and related projects’ unique interests in Congress and to regulatory…
