Coinbase Denies Hindering Bitcoin Microtransaction Tax-Free Policy

BlockBeats News, March 13th, Coinbase executives denied allegations of obstructing a tax-free policy for small Bitcoin transactions. Earlier, Bitcoin advocates speculated on social media that Coinbase told lawmakers that Bitcoin was not widely used as a medium of exchange, so it did not qualify for tax exemption.

Coinbase CEO Brian Armstrong called the allegations "completely false" and stated that the company has always lobbied for Bitcoin's tax-free policy on small transactions and will continue to do so. Coinbase's Chief Legal Officer and Chief Policy Officer also reiterated that they "never lobbied against Bitcoin." Currently, US lawmakers are considering providing tax exemptions for US Dollar-pegged stablecoins, but Bitcoin is not included in the tax-exempt scope of the draft "Cryptocurrency Market Structure Act" (i.e., the CLARITY Act).