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Congresspeople Call on IRS to Take It Easy on Taxing Staking Rewards

imageCryptocurrency8 hours ago (Aug 04, 2020 05:00PM ET)

Congresspeople Call on IRS to Take It Easy on Taxing Staking Rewards

On Aug. 4, four U.S. congressional representatives wrote to the Internal Revenue Service (IRS) asking the tax authority not to overtax rewards from Proof-of-Stake blockchains.

Explaining the difference in energy consumption between PoS and Proof-of-Work blockchains like Bitcoin’s, Representatives Tom Emmer (R-MN), Darren Soto (D-FL), David Schweikert (R-AZ) and Bill Foster (D-IL) wrote that the IRS may be overestimating gains:

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Congresspeople Call on IRS to Take It Easy on Taxing Staking Rewards

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