Brian Armstrong has denied claims that Coinbase lobbied against a proposed Bitcoin tax exemption in Washington, calling the allegations “totally false.”
The dispute began after the Bitcoin-focused media account Truth for the Commoner (TFTC) alleged that Coinbase lobbyists told lawmakers a de minimis tax exemption for Bitcoin would be ineffective and unlikely to pass.
Armstrong rejected the claims and said he has personally spent significant time advocating for a Bitcoin de minimis exemption that would remove capital gains taxes on small crypto transactions.
“Not sure where you’re getting this misinformation … but it’s totally false,”
Armstrong said, adding that he would continue lobbying in favor of the policy.
The accusations suggested Coinbase might oppose the measure because the exchange generates significant revenue from stablecoins, particularly through interest earned on reserves backing USD Coin.
Critics argued that allowing tax-free small Bitcoin payments could make BTC more attractive for everyday transactions compared with stablecoins used on exchange platforms.
The policy debate is tied to legislation proposed by Cynthia Lummis that would introduce a de minimis exemption for crypto transactions of up to $300, although different versions of the proposal contain varying thresholds and rules.
Tax lawyer Jason Schwartz said the debate may involve multiple overlapping policy proposals, including exemptions for small transactions, gas fees and stablecoin reporting requirements.
At the time of reporting, Bitcoin price was $71,402.23.