Coinbase denies lobbying against Bitcoin tax exemption: ‘Totally false’

Coinbase exchange founder and CEO Brian Armstrong has dismissed claims that the company has been lobbying against a tax exemption for Bitcoin transfers below $200. 

In a statement on X (formerly Twitter), Armstrong labelled the claims as “totally false,” adding, 

The U.S. policy for Coinbase, Kara Calvert, echoed Armstrong’s stance. She dismissed the allegations as ‘categorically false,’ stressing that they have been advocating for tax exemptions for all digital assets. 

Is Coinbase fighting Bitcoin?

Lawmakers like Senator Cynthia Lummis (R-WY) have been championing tax exemptions for BTC transfers below $300. The current draft legislation, the CLARITY Act, prioritizes tax exemptions for stablecoin spending below $200. 

The accusations against the exchange were initiated by media publisher TFTC, which claimed that Coinbase’s secret lobbying is meant to protect its interest income tied to USDC. 

In fact, TFTC founder Marty Bent maintained that he had sources that contradicted Armstrong’s pro-BTC stance on tax exemptions. He stressed that Armstrong’s team and lobbyists were opposing blanket exemptions for BTC transfers. 

Conner Brown, head of advocacy group Bitcoin Policy Institute, reiterated Bent’s claims and cautioned,

However, in response, Coinbase’s Calvert clarified that, 

Under U.S. tax law, stablecoins and crypto assets are treated as property and not ‘currency.’ Unlike traditional cash transfers, U.S. “payment stablecoins” trigger taxable events like other crypto transfers.

Worse still, crypto staking is subject to double taxation and remains unresolved as of early 2026.

To drive adoption, the crypto industry and some lawmakers, such as Senator Lummis, have been advocating for tax relief. 

So far, none of the efforts has materialized. The outcome for the crypto tax relief will depend on the final CLARITY Act draft and its passage into law. 

Final Summary 

• Coinbase has distanced itself from claims that it secretly opposes tax exemptions for small BTC transfers. 
• U.S. tax law still treats crypto and stablecoins as property; hence, transfers, even for coffee payments, will trigger a taxable event.