The Internal Revenue Service (IRS), a tax collection agency under the U.S. Department of the Treasury, has updated its guidance on exchange-traded products (ETPs) for cryptocurrencies, providing a safe harbor provision for trusts that stake digital assets.

Treasury Secretary Scott Bessent wrote in a post on X on Monday that the guidance issued by these agencies provides a "clear path for staking digital assets and sharing staking rewards with retail investors" for cryptocurrency ETPs.

According to the guidance available on the IRS website, the government agency will allow cryptocurrency trusts to participate in staking, provided they are traded on national securities exchanges, only hold cash and "units of a single type of digital asset," held by custodians, and mitigate specific risks faced by investors.

Bill Hughes, a senior legal advisor at Consensys, stated in a post on X on Monday, "The impact on staking should be significant."

Hughes wrote, "This safe harbor provision provides the long-awaited regulatory and tax clarity for institutional tools like cryptocurrency ETFs and trusts, allowing them to participate in staking while remaining compliant." "It effectively removes a major legal barrier that previously hindered fund sponsors, custodians, and asset management companies from integrating staking returns into regulated investment products."

The guidance was released following the SEC's approval of general listing standards in September, which is expected to lead to the approval of cryptocurrency exchange-traded funds. The IRS and the Treasury incorporated the SEC's rule changes as part of the updated guidance.

After more than 40 days, reports on Sunday indicated that several Democratic senators in the U.S. Senate broke ranks and were willing to support Republicans in voting for a continuing resolution to end the government shutdown, which would last until January.

As of the time of publication, the Senate had not yet voted on the measure. Since the shutdown began on October 1, many departments and agencies, including the SEC and IRS, have had staff members placed on mandatory leave.

Related: Analyst: Bitcoin OG sells BTC, turns to spot ETF for "amazing tax benefits"

Original: “IRS Updates Cryptocurrency ETP Guidance, Provides Safe Harbor for Staking”

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