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Are regulators poised to demand cryptocurrency address whitelisting? Probably not.

Rumors are circulating that regulators will soon require exchanges to only allow cryptocurrency withdrawals to “whitelisted” addresses or, worse, that withdrawals to unhosted wallets won’t be allowed at all. These...

Dilution and its discontents: Quantifying the overtaxation of block rewards

Newly created cryptocurrency tokens dilute the holdings of existing token owners. If block rewards are taxable income at their fair market value at the time acquired, token holders’ income will...

The ideal regulatory environment for Bitcoin

We’re often asked what our ideal regulatory environment would be for Bitcoin and cryptocurrencies like it. A few years ago, in a regulatory submission to the Indian Ministry of Finance,...

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...

Comments to the Office of the Comptroller of the Currency on National Bank and Federal Savings Association Digital Activities

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...