Coinbase Accused of Lobbying Against Small Bitcoin Tax Exemptions, Advocating for Stablecoins Only

Odaily News According to market sources: Cryptocurrency exchange Coinbase has been accused of potentially lobbying U.S. lawmakers behind the scenes against establishing a de minimis tax exemption for Bitcoin, suggesting that such an exemption should be limited to stablecoins only. Previously, Bitcoin policy advocate Marty Bent disclosed on social media that Coinbase had told lawmakers that "no one uses Bitcoin as currency" and considered establishing a de minimis tax exemption for Bitcoin to be "doomed to fail as a subsidy." The crypto community believes that if the related situation is true, it would be "very concerning," aligning with external concerns about recent crypto legislation (such as the GENIUS Act, etc.). These concerns suggest that some policies may be influenced by special interest groups and regulatory capture, rather than genuinely promoting innovation. Over the past three months, there has been a noticeable shift in policy discussions on Capitol Hill, with some proposals leaning towards providing de minimis tax exemptions only for stablecoins while excluding Bitcoin. Additionally, according to the Bitcoin Policy Institute, they are still in ongoing communication with lawmakers. Limiting the de minimis tax exemption to stablecoins only would be a strategic policy mistake for the United States. The institute has long advocated for exempting capital gains tax on small Bitcoin transactions.