, Jarrett reiterated the public importance of this case and the need for it to continue. Coin Center also recently filed an amicus brief in the case, arguing that “by attempting to moot this important case, the IRS is increasing uncertainty for thousands if not millions of already confused taxpayers.”
Jarrett argues in his lawsuit that staking rewards, created by the staker at the time of validating transactions, should be taxed consistent with more than 100 years of tax law. That is, at the time of sale rather than the moment of creation. Besides, if staking rewards are treated as income, who issues the 1099 form? Whose expense is it? Are blockchains employers?
While the IRS has failed to act on staking rewards, the world has continued to move to blockchain and blockchain has started to shift to proof-of-stake. Staking is already a multibillion-dollar industry and America is home to some of the largest and fastest-growing players in the staking ecosystem. Staking is also performed by individuals throughout the U.S.
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