Bitcoins <\/p>\n
\n\t\t\t\t\t\t\t\t\tBrian Armstrong says claims Coinbase opposed a Bitcoin de minimis tax exemption in Washington are \u201ctotally false.\u201d\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Brian Armstrong, CEO of Coinbase, has pushed back against claims that his company\u2019s lobbyists are working to block a Bitcoin (BTC) tax exemption in Washington, calling the allegations \u201ctotally false.\u201d<\/p>\n
The dispute has drawn in Bitcoin advocates, tax lawyers, and crypto lobbyists, and cuts to the center of a wider debate about who the biggest companies in crypto actually represent when they walk the halls of Congress.<\/p>\n
The allegations were made by Truth for the Commoner (TFTC), a Bitcoin-focused media account with nearly 100,000 followers on X, which posted<\/a> on March 11 that Coinbase had told legislators \u201cno one is using Bitcoin as money\u201d and that a BTC de minimis exemption would be \u201cDOA.\u201d<\/p>\n According to TFTC, Coinbase has a financial motive for opposing the BTC tax exemption. The account claimed that the exchange earned $1.35 billion last year in stablecoin revenue, with almost all the money coming from interest on U.S. Treasuries held in reserves backing USDC.<\/p>\n TFTC also suggested that a de minimis rule that covers BTC but not stablecoins would make the king crypto a more attractive payment option, and that would pull users away from Coinbase\u2019s yield-generating stablecoin ecosystem.<\/p>\n Recall that last year, Wyoming Senator Cynthia Lummis introduced<\/a> digital asset tax legislation seeking to provide a de minimis exemption for crypto gains taxes on crypto transactions of up to $300. According to TFTC, the House version of the bill caps at $200 and only covers stablecoins.<\/p>\n Armstrong directly responded<\/a> to the accusations against Coinbase, saying:<\/p>\n \u201cNot sure where you\u2019re getting this misinformation (perhaps you can share?) but it\u2019s totally false. I\u2019ve spent a bunch of time lobbying for Bitcoin\u2019s de minimis tax exemption, and will continue doing so.\u201d<\/p>\n<\/blockquote>\n However, TFTC co-founder Mart Bent didn\u2019t back down, telling<\/a> Armstrong:<\/p>\n \u201cI have sources that say otherwise, not you personally but your team and\/or lobbyists.\u201d<\/p>\n<\/blockquote>\n He also asked whether the Coinbase chief would walk away from the market structure bill if it failed to have a Bitcoin de minimis exemption, as he had done earlier in the year, when he withdrew<\/a> support for the CLARITY Act after disagreements over stablecoin yield.<\/p>\n Meanwhile, tax lawyer Jason Schwartz, known as \u201cCryptoTaxGuy\u201d on X, has tried to offer some context in the exchange between Armstrong and TFTC.<\/p>\n According to him, the discussion might be mixing<\/a> up four separate policy ideas, which are a personal use de minimis rule, a gas fee exemption, a change in stablecoin reporting, and a plan to consider stablecoin gains and losses as zero.<\/p>\n Schwartz added that different market participants will naturally advocate harder for different provisions, and this alone shouldn\u2019t be seen as one party trying to \u201ckill\u201d another provision.<\/p>\n Binance Free $600 (CryptoPotato Exclusive): Use this link<\/a> to register a new account and receive $600 exclusive welcome offer on Binance<\/b> (full details<\/a>).<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div><\/div>\nYou may also like:<\/h3>\n
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Bitcoins A Policy Debate With Numerous Moving Parts<\/h2>\n