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Coinbase Custody, Bison Trails join Proof of Stake Alliance to engage with policy stakeholders

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Fri, 31 Jan 2020, 09:08 am UTC

Proof of Stake Alliance (POSA), an advocacy organization for Proof of Stake (PoS) technology, has announced the joining of new members.

In an online post detailing the announcement, POSA announced that cryptocurrency custodian Coinbase Custody and Bison Trails, a provider of blockchain infrastructure, have joined the alliance.

"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,” said Matt Perona, Board Member Proof of Stake Alliance.

Founded in 2019, POSA aims to advance public policy discussions on PoS technology through congressional and regulatory engagement, member events, and educational campaigns. It has grown to more than 18 members including Tezos, Interchain Foundation, Web3 Foundation, and others.

"The proliferation of Proof of Stake technology, the driving force behind second and third-generation blockchain networks, has elevated the importance of educating key regulators and policymakers," POSA said.

POSA works with law firms and advisors to draft regulatory materials and engage directly with policymakers. It recently submitted documentation to the U.S. Securities and Exchange Commission (SEC) outlining its analysis on the interpretation of securities law for validation relationships.

POSA also collaborated with Paul Hastings LLP, an international law firm, on a white paper explaining why proper tax treatment of staking rewards is important to the growth and adoption of this transformative technology.

Coinbase just announced that its custodial services are going global with the launch of Coinbase Custody International.

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