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The Crypto Council for Innovation (CCI) aims to increase its collaboration with policymakers by forming key partnerships to expand its staking advocacy efforts. In a statement released Wednesday, CCI announced that it plans to work with one of its members, the Proof of Stake Alliance (POSA), to inform global policymakers about the importance of staking for network security and decentralization. The partnership aims to promote policies that support, grow, and protect proof-of-stake technologies.
“The Proof of Stake Alliance has been working for years to develop policies that support proof-of-stake technologies and raise awareness that these technologies are vital to network security and sustainability. We are now ready to spread this message globally,” said POSA Executive Director Alison Mangiero.
According to data released by CCI, the market value of staking has exceeded $500 billion today, up from $19 million in 2019. Staking involves locking a certain amount of crypto tokens to contribute to the proof-of-stake network, thus rewarding investors. In the last year, leading companies in the sector such as Binance have started offering various staking products.
US lawmakers are also preparing new laws for staking. For example, Wiley Nickel from North Carolina and Drew Ferguson from Georgia introduced a bill in May proposing that staking rewards should only be taxed at the time of sale. This proposal aims to prevent double taxation in staking transactions. At the same time, the US Securities and Exchange Commission (SEC) has imposed various sanctions against companies such as Kraken, Consensys and Coinbase due to their staking programs.
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Mangiero, who will lead POSA’s efforts, will work with members such as Ava Labs, Andreessen Horowitz and Paradigm. Drawing attention to the rapid growth of the staking ecosystem, Mangiero emphasized that they have stood out with the policy documents and industry principles they have prepared in the past years. “However, the rapid change of the staking ecosystem has revealed the need to expand these studies globally,” he said.
POSA plans to publish new policy documents in the coming year and continue to actively communicate with policymakers and regulators to clarify concepts such as re-staking.
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