BREAKDOWN: The Battle to Change How the IRS Taxes Mining and Staking
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 3 February 2022
⏱️ 15 minutes
🧾️ Download transcript
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.
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“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.
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Transcript
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| 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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