Coinbase denies obstructing the tax exemption policy for small Bitcoin transactions

Coinbase executives have denied allegations of obstructing a tax-exempt policy for small Bitcoin transactions. Previously, Bitcoin advocates speculated on social media that Coinbase told lawmakers that Bitcoin is not widely used as a medium of exchange, and therefore does not require tax exemption. Coinbase CEO Brian Armstrong called the allegations "completely false" and stated that the company has been lobbying for the tax exemption for small Bitcoin transactions and will continue to do so.

Coinbase's Chief Legal Officer and Chief Policy Officer also reiterated that they have "never lobbied against Bitcoin." Currently, U.S. lawmakers are considering providing tax exemptions for stablecoins pegged to the value of the dollar, but Bitcoin has not been included in the tax-exempt scope of the proposed Cryptocurrency Market Structure Bill (the CLARITY Act).