Polygon Labs chief legal officer writes to U.S. senators: Staking rewards should only be taxed when sold

Odaily Planet Daily News Polygon Labs Chief Legal Officer Rebecca Rettig sent a letter to U.S. Senators Ron Wyden, D-Ore., Mike Crapo, and R-Idaho, stating that potential rewards for staking should be taxed when the token is sold, not when it is sold. Taxed when hoarding tokens. Traditionally in the United States, taxpayers are not taxed when they create art, manufacture goods, bake scones, put their autographs on paper or otherwise control property that has not changed hands. Polygon Labs further believes that the newly minted tokens stakers receive are created by software and should not be considered tax income. Staking rewards can only be spent after a validator unstakes them, and taxing staking rewards only upon disposal would be the administratively simplest option. (The Block)