Coinbase is accused of lobbying against legislation that exempts small Bitcoin transactions from taxes, advocating that the exemption should only apply to stablecoins.

Odaily Planet Daily reports: According to market sources, the cryptocurrency trading platform Coinbase is suspected of lobbying American lawmakers behind the scenes to oppose small transaction tax exemptions for Bitcoin and has suggested limiting such exemptions only to stablecoins. Previously, Bitcoin policy advocate Marty Bent disclosed on social media that Coinbase told lawmakers “no one uses Bitcoin as currency,” and believed that establishing small tax exemptions for Bitcoin would be a “futile subsidy.” The crypto community considers that if these reports are true, it would be “very concerning,” aligning with recent worries about crypto legislation (such as the GENIUS Act), which suggest that some policies may be influenced by special interest groups and regulatory capture rather than genuinely promoting innovation. Over the past three months, policy discussions on Capitol Hill have shown clear changes, with some proposals favoring small transaction tax exemptions only for stablecoins and excluding Bitcoin. Additionally, the Bitcoin Policy Institute, a Bitcoin advocacy organization, stated that ongoing discussions with lawmakers indicate that limiting small tax exemptions solely to stablecoins would be a strategic mistake in U.S. policy. The organization has long advocated for exempting small Bitcoin transactions from capital gains tax.