Coinbase and Bison Trails will adopt Proof-of-stake

Ireland-based Coinbase Custody and New York-based Bison Trails have joined the Proof of Stake Alliance (POSA), a supported group for Proof of Stake (PoS) technology.

Two new members of POSA

Coinbase Custody and Bison Trails, a blockchain technology platform company and one of the few remaining Libra Association members, join in the alliance along with Tezos, the Interchain Foundation, and the Web3 Foundation

The aim of the alliance is to provide information regulatory and policy stakeholders on Proof of Stake technology, a progressively prominent part of the digital assets and blockchain ecosystem.

As Sam Mcingvale, CEO of Coinbase Custody said that POSA is playing a critical role by working with lawmakers and regulators to instruct them on emerging POS technology. Through the effort of organizations like POSA, he hopes they will start to see meaningful conversations and, in time, clarity when it comes to POS and its applications.

POSA will continue to expand

The POSA was established in 2019 and now has almost 20 member organizations.

By organizing member events, engaging in outreach to lawmakers, and advocating for tax clarity and regulatory compliance around staking networks, the alliance recently submitted documentation to the Securities and Exchange Commission (SEC) outlining POSA’s analysis on the interpretation of securities law for validation relationships.

The group has been debating that appropriate tax deal with staking rewards is an important step for the technology to grow. Its two newest members will highlight its significance in the industry.

POSA board member Matt Perona told that as POSA’s newest members, Coinbase Custody and Bison Trails further cement the importance of their mission and the work of all members as they continue to advance the Proof of Stake industry.

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