Coinbase is reported to have lobbied against the small tax exemption policy for Bitcoin, arguing that it should only apply to stablecoins

According to BitcoinNews, the cryptocurrency exchange Coinbase is accused of potentially lobbying U.S. lawmakers behind the scenes against establishing a small transaction tax exemption for Bitcoin, suggesting that the exemption should be limited to stablecoins.

Previously, Bitcoin policy advocate Marty Bent disclosed on social media that Coinbase has told lawmakers "no one uses Bitcoin as a currency" and believes that establishing a small tax exemption for Bitcoin would be a "subsidy destined to fail." The crypto community considers this "very concerning" if true, aligning with recent worries about cryptocurrency legislation (such as the GENIUS Act), namely 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 small transaction tax exemptions only for stablecoins, excluding Bitcoin.

Additionally, the Bitcoin advocacy organization Bitcoin Policy Institute stated that ongoing communication with lawmakers continues, and limiting the small tax exemption policy to stablecoins would be a strategic mistake for U.S. policy, as the organization has long advocated for exempting small Bitcoin transactions from capital gains tax.