BREAKDOWN: The Battle to Change How the IRS Taxes Mining and Staking

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4.7 • 698 Ratings

🗓️ 3 February 2022

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

A lawsuit and a new bill could change the system. This episode is sponsored by Nexo, Arculus and FTX US. Two Tezos stakers sued the IRS to get back taxes paid on property they say they created through staking. The IRS offered to pay them back but didn’t commit to clear policy guidance. The stakers will now continue the suit, and they’re being backed by the Proof of Stake Alliance. NLW also examines a new bill that would eliminate taxes on bitcoin transactions with capital gains under $200. - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - FTX US is the safe, regulated way to buy bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Vision” by OBOY. Image credit: Constantine Johnny/Moment/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:38.2	adventure is just a listener way. Start your free 30-day trial at audible.com slash Wondery, UK.
0:45.6	That's audible.com slash Wondery UK.
0:53.9	Welcome back to The Breakdown with me, NLW.
0:59.0	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
1:04.8	The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk.
1:12.3	What's going on, guys? It is Thursday, February 3rd, and today we are talking about the
1:17.2	emerging battle to change how the IRS taxes mining and staking. First, if you were enjoying
1:23.9	the breakdown, please go subscribe to the show, give it a rating, give it a review,
1:28.2	or if you want to get deeper into the conversation, come join us on the Breakers Discord.
1:33.6	You can find a link in the show notes, or you can go to bit.ly slash breakdown pod.
1:38.7	And as always, a quick disclosure, in addition to them being a sponsor of the show, I also
1:43.7	work with FTX.
1:45.5	So, last night, Blockworks broke what seemed like a huge story. Their tweet said, breaking,
1:51.5	IRS will not tax unsold-staked crypto as income. However, the piece title was in Win for Crypto-Stakers.
	...

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