Coinbase Custody and Bison Trails join Tezos, Interchain Foundation, Web3 Foundation, and others to support the critical mission of the Alliance
January 30, 2020, New York, NY - Today, the Proof of Stake Alliance (POSA), a community-driven advocacy organization for Proof of Stake (PoS) technology, announced the addition of Coinbase Custody and Bison Trails to the alliance. Coinbase Custody, a provider of secure, institutional-grade offline storage solutions for the digital asset ecosystem, and Bison Trails, a leading provider of blockchain infrastructure, expand the diverse group of POSA members engaging with and educating regulatory and policy stakeholders.
“Proof of Stake is an increasingly important innovation that the crypto space as a whole is rapidly trending toward,” offered Sam Mcingvale, CEO, Coinbase Custody. “POSA is playing a critical role by engaging with lawmakers and regulators to educate them on emerging POS technology. It’s our hope that through the work of organizations like POSA, we’ll start to see meaningful conversations and, in time, clarity when it comes to POS and its applications.’
The Proof of Stake Alliance, founded in 2019 has grown to more than 18 member organizations. The Alliance is committed to the mission of advancing public policy discussions through congressional briefings, regulatory engagement, member fly-ins, and educational campaigns. POSA members represent a wide range of the Proof of Stake community such as Staking as a Service (STaaS) providers, exchanges and custodians, protocol networks, service providers and leading academics.
“We are thrilled to announce Coinbase Custody and Bison Trails have joined one of the most active advocacy organizations in the blockchain community. As our newest members, Coinbase Custody and Bison Trails further validate the importance of our mission and the work of all our members on the front lines as we continue to advance the Proof of Stake industry.” Matt Perona, Board Member Proof of Stake Alliance
Proof of Stake technologies are the result of decades of research and development by award-winning researchers from leading academic institutions and major technology companies, such as MIT, Stanford, Cornell, and UC Berkeley and Apple, Google, Amazon, and Facebook. The proliferation of Proof of Stake technology as the driving force behind second and third-generation blockchain networks has elevated the importance of educating key regulators and policymakers. POSA works with leading law firms and advisors to draft regulatory materials and engage directly with policymakers.
POSA members face increasingly complex tax and compliance challenges. The organization recently submitted documentation to the Securities and Exchange Commission (SEC) outlining POSA’s analysis of the interpretation of securities law for validation relationships. POSA collaborated with Paul Hastings LLP on a white paper detailing why proper tax treatment of staking rewards is critical to the growth and adoption of this transformative technology. University of Virginia School of Law Adjunct Professor Abe Sutherland, a POSA collaborator, recently authored the most extensive analysis of staking tax issues to date. The report was published in reputable tax journal Tax Notes and is available for download on SSRN.
“The blockchain ecosystem has been well-served by the efforts of the Proof of Stake Alliance, particularly the Alliance’s work to bring clarity to the legal and regulatory implications of staking on Proof of Stake blockchain networks. Joining POSA reflects our commitment to working with partners across the industry to further the adoption of Proof of Stake blockchain technology.” Joe Lallouz, Co-Founder and CEO of Bison Trails
POSA is accepting applications for new members. If you are interested in learning more, please email email@example.com.
Launched in 2018, Coinbase Custody offers clients access to the secure, institutional-grade offline storage solution that has been used by Coinbase’s exchange businesses since 2012. Coinbase Custody is regulated by the New York Department of Financial Services and is an independent entity built on Coinbase’s crypto-first DNA. All customer digital assets are segregated, held in trust for the benefit of our clients, and protected by an industry-leading insurance program. Coinbase Custody currently offers support for 37+ digital assets. For more information, visit https://custody.coinbase.com
Bison Trails is a blockchain infrastructure company based in New York City. We built a platform for anyone who wants to participate in 19 new chains effortlessly. We also make it easy for anyone building Web 3.0 applications to connect to blockchain data from 27 protocols with QT. Our goal is for the entire blockchain ecosystem to flourish by providing robust infrastructure for the pioneers of tomorrow.
POSA represents innovators, academics, service providers, and industry professionals and addresses key areas of regulatory uncertainty provides a platform for the staking industry in the United States and drives engagement with policymakers. POSA is committed to educating and advancing policy discussions on behalf of the industry regarding tax and regulatory issues. For more information, visit https://www.proofofstakealliance.org/
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