Coinbase Supports Decentralized Staking for Accelerated Adoption of Digital Payments, Despite IRS Dispute

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Brian Armstrong, the co-founder of Coinbase, expressed his wish that this was not the case, saying, “I think that would be a bad route for the U.S. if it were allowed to happen.” According to sources with direct knowledge of the situation, the accusation was unfounded. The SEC has designated cryptocurrencies and digital assets as one of its examination division’s major priorities for 2023. He claims that developing these skills in the US is necessary for national security. “It is important for national security that financial services and Web3 are developed in the United States.” An hour following Armstrong’s initial thread, Coinbase tweeted its support for staking and noted that it might accelerate the adoption of digital payments. An hour after Armstrong’s initial thread, Coinbase tweeted its support for staking and said that because it does not require the establishment of pricey centralized intermediaries, it has the potential to accelerate the adoption of digital payments around the world. According to Coinbase, “staking needs to remain decentralized, neutral, and global to succeed.” A Tennessee couple is suing the IRS in an effort to recover federal income taxes assessed on the Tennessee couple’s stake-generated Tezos in 2021. Other U.S. agencies getting involved in the cryptocurrency space include the FTC, CFTC, the Justice Department, and the IRS. The case is the result of an IRS denial of a Tezos user’s request for a refund on the grounds that the pair owed taxes for receiving staking incentives. On Tuesday, crypto giant ConsenSys joined the lawsuit, which said it would financially support the challenge.”Hopefully,” Armstrong wrote.

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The San Francisco-based bitcoin exchange Kraken is being looked at by the SEC. According to Bloomberg, the inquiry is “advanced stage” and may result in a settlement. According to data from CoinGecko, Kraken is the fourth-largest exchange by daily volume. Recently, the SEC has tightened down on cryptocurrency exchanges, fining Genesis and Gemini for selling unregistered securities. One of the largest exchanges in the field before it collapsed due to alleged criminal mismanagement was FTX.

Read about: SEC Prioritizes Examination of Investment Firms for Adherence to Cryptocurrency Standards of Care

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