Coinbase Custody und Bison Trails treten Beweis der Pfahl-Allianz bei

Whether proof of stake will be the consensus mechanism of the future remains open for the moment. In the USA, however, there is an organisation that is fighting for its dissemination, at least on the political front.

Every technological innovation must first be communicated to the public on its way to successful application. The proof-of-stake mechanism is no exception. Accordingly, the Proof of Stake Alliance (POSA) in the USA has emerged as a public interest group. This has recently grown, with the crypto-depositories of Coinbase Custody and the Libra Association member Bison Trails joining on 30 January.

Indeed, Allianz is in contact with authorities such as the US Securities and Exchange Commission. The main goal at the moment is to create clarity about the taxation of tokens that rely on proof of stack. To this end, the Alliance has cooperated with Abraham Sutherland, who works for the School of Law at the University of Virgina. Sutherland wrote a paper that can be viewed here.

 

Proof of Stake Alliance wants legal clarity

The Proof of Stake Alliance itself has been in existence since 2019 and its members include various stakeholders with an interest in the consensus mechanism. Tezos and the Cardano Foundation, for example, should be mentioned here. The Alliance tries to stimulate and influence the debate around Proof of Stake. To this end, it has commissioned several studies and produced materials containing proposed legislation. In his statement, Sam McIngvale, CEO of Coinbase Custody, therefore also emphasized the positive role of the association:

“Proof of Stake is an increasingly important innovation that the entire crypto space is rapidly becoming. POSA plays a crucial role by working with legislators and regulators to educate them about the new POS technology. We hope that through the work of organisations like POSA we will have meaningful discussions and, over time, clarity about POS and its applications.”

Indeed, Allianz is in contact with authorities such as the US Securities and Exchange Commission. The main goal at the moment is to create clarity about the taxation of tokens that rely on proof of stack. To this end, the Alliance has cooperated with Abraham Sutherland, who works for the School of Law at the University of Virgina. Sutherland wrote a paper that can be viewed here.