ChainCatcher report, according to BitcoinNews, cryptocurrency exchange Coinbase has been accused of secretly lobbying U.S. lawmakers to oppose a small-transaction tax exemption for Bitcoin, while advocating that such an exemption be limited exclusively to stablecoins. Previously, Bitcoin policy advocate Marty Bent disclosed on social media that Coinbase had informed legislators that “no one uses Bitcoin as money” and argued that establishing a small-transaction tax exemption for Bitcoin would be a “doomed subsidy.” The crypto community considers this, if true, to be “deeply concerning,” aligning with broader concerns about recent crypto legislation—such as the GENIUS Act—that may be influenced by special interest groups and regulatory capture rather than genuine innovation. Over the past three months, policy discussions on Capitol Hill have shifted noticeably, with some proposals favoring small-transaction tax exemptions solely for stablecoins while excluding Bitcoin. Additionally, the Bitcoin Policy Institute, a Bitcoin advocacy group, stated that it continues to engage with lawmakers, warning that limiting the tax exemption exclusively to stablecoins would be a strategic policy error in the U.S., as the institute has long advocated for exempting small Bitcoin transactions from capital gains tax.
Coinbase Allegedly Lobbies Against Bitcoin Small Transaction Tax Exemption
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Summary
Coinbase is reportedly lobbying U.S. lawmakers against a small capital gains tax exemption for Bitcoin, advocating that such exemptions apply only to stablecoins. Marty Bent, a Bitcoin policy advocate, claims Coinbase argues that Bitcoin is not used as currency and that any exemption would constitute an “unviable subsidy.” The move has sparked discussions about regulatory capture, particularly in the context of legislation such as the GENIUS Act. Recent congressional discussions have favored stablecoins while excluding Bitcoin. The Bitcoin Policy Institute warns that this policy direction would be a strategic error, as the debate over Bitcoin ETF approval looms and regulatory clarity remains a key focus.
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