ChainCatcher News, American citizen Josh Jarrett, with the support of Coin Center, has filed a lawsuit against the IRS regarding the tax policy on cryptocurrency staking rewards.Block rewards are new cryptocurrency tokens earned by validators for adding blocks to the blockchain. The IRS currently treats these rewards as taxable income upon receipt, which Jarrett and Coin Center argue is unfair. The lawsuit states that block rewards should be considered new property and not taxed as income, with taxation only occurring when sold or exchanged for cash.According to Jarrett, this principle applies equally to other forms of new property, such as crops or minerals, which are only taxed upon sale. The lawsuit claims that taxing staking rewards before they are sold leads to over-taxation and imposes additional and unnecessary regulatory burdens on crypto node operators.This lawsuit marks Jarrett's second attempt to sue the IRS on this issue, aiming to push for a revision of the current policy. The lawsuit also points out that the IRS's stance on taxing staking rewards may hinder innovation and development in the cryptocurrency industry.

ChainCatcher news, according to CoinDesk, Germany's second-largest stock exchange Boerse Stuttgart Digital plans to launch a fully insured cryptocurrency staking service next year. As part of the development, global reinsurer Munich Re has designed an insurance product aimed at reducing risks. Slashing represents a penalty for validators in proof-of-stake blockchains who violate network rules or engage in malicious activities, resulting in the suspension or loss of staked tokens.It is reported that Boerse Stuttgart Digital has already obtained final approval from Germany's financial regulator BaFin to offer Bitcoin trading and custody services.

ChainCatcher news, the cryptocurrency exchange Kraken will terminate its cryptocurrency staking services for U.S. customers and pay $30 million to settle the U.S. Securities and Exchange Commission (SEC) charges of offering unregistered securities.The SEC stated that Kraken has been providing staking services to the public since at least 2019. Kraken announced it will discontinue staking services for U.S. customers, except for staked Ether, which will not be canceled until the Ethereum network's Shanghai upgrade takes effect. U.S. customers will not be able to stake new assets (including Ether). Additionally, non-U.S. customers are unaffected. (Source link)