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Analysis

'Staking' Row Puts IRS On Hot Seat For Lack Of Guidance

By Joshua Rosenberg (February 16, 2022, 6:51 PM EST) -- The Internal Revenue Service hasn't offered specific guidance regarding whether cryptocurrency staking constitutes taxable income upon receipt, leaving those engaged in the activity, which implicates substantial sums of potential government revenue, unsure about their tax obligations.

With one of the largest cryptocurrencies, Ethereum, having announced it's migrating to a proof-of-stake validating mechanism, considerably more investors likely will embrace staking. (AP Photo/Kin Cheung) The lack of guidance on staking has come to a head in the case of Joshua Jarrett, a cryptocurrency investor from Tennessee who acquired digital tokens through staking. Staking is one of the consensus mechanisms that blockchains can employ to verify...

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