The IRS recently issued its second description of how it will treat Bitcoin and other blockchain assets. Some of its analysis leaves open questions that invite further consideration, and important issues remain unresolved. Moreover, because the popular Bitcoin blockchain uses a "proof of work" consensus procedure, issues relating to the alternative "proof of stake" procedure have been neglected.
Shakow, David J., "Taxing Bitcoin and Blockchains—What the IRS Told Us (and What It Didn’t)" (2020). Faculty Scholarship at Penn Law. 2140.
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