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A shift in US tax policy could open up Proof of Stake possibilities, University of Virginia law professor says
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Quick Take
- A recent argument by a law professor at the University of Virginia (UVA) is advocating for the IRS to reconsider how it views blockchain rewards
- As of now, the IRS taxes these reward tokens as income
- A shift towards taxing these rewards as created property would allow proof of stake (PoS) networks to grow in the U.S.
A big sticking point of the debate between proof of work (PoW) and proof of stake (PoS) comes down to the inevitable: taxes. A recent report from University of Virginia law professor Abe Sutherland contends staked rewards shouldn’t be taxed as income but rather as created property, which would incentivize more miners to use staking […]
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