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Congress to IRS: Proof-Of-Stake block rewards should not be taxed as income
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...
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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...
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 are mixers and “privacy coins”?
Public blockchain cryptocurrencies such as Bitcoin are radically transparent at the protocol level: transactions are viewable and immutable to everyone forever on the blockchain ledger. They are not anonymous, but...
What’s in the Bitlicense’s 5-year update?
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
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...
Without privacy, do we really want a digital dollar?
COVID-19 is accelerating discussions about digitizing the dollar. Relief payments to support those suffering economically have revealed shortcomings inherent in current payment infrastructure. Fear of contagion has made handling physical...