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Coinbase accused of lobbying against Bitcoin in the United States
According to available reports, the cryptocurrency exchange Coinbase lobbied against the planned introduction of a “minimal” tax exemption for Bitcoin as part of cryptocurrency taxation rules currently being discussed in the United States.
The company reportedly told lawmakers that Bitcoin has not achieved widespread adoption as a method of everyday payments, and therefore implementing such an exemption would be “dead on arrival.”
The discussion centers around the de minimis exemption, which aims to remove tax liability for small cryptocurrency transactions. Such regulation would allow users to make everyday payments with cryptocurrency without calculating capital gains tax on transactions below a certain threshold.
However, Coinbase argues that this exemption should apply only to regulated dollar-pegged stablecoins, and USD Coin ($USDC) — which is closely associated with the company — is a prominent example.
Coinbase’s revenue from stablecoin operations is also under scrutiny. The company reports that in 2025 it expects to generate approximately $1.35 billion from stablecoin-related activities, with a significant portion of this amount coming from interest on U.S. Treasury bonds held in the reserves backing $USDC.
This revenue stream could grow even further, especially if legislation such as the GENIUS Act, which includes regulation of stablecoins in the United States, comes into force. According to Bloomberg, these revenues could potentially increase sevenfold.
Critics argue that excluding a tax exemption that could encourage the use of Bitcoin as a payment method may affect competition. A small tax exemption could make Bitcoin more practical for everyday small payments.
Under the current system, every Bitcoin payment can potentially generate a capital gain or loss due to price fluctuations, making tax calculations more complicated.
Cynthia Lummis, known for her pro-cryptocurrency stance in the U.S. Senate, previously proposed introducing an exemption for Bitcoin transactions below $200.
Meanwhile, some framework proposals being discussed in the House of Representatives reportedly apply only to stablecoin transactions below $200.
On the other hand, organizations such as the Bitcoin Policy Institute warn that Bitcoin has been deliberately excluded from the current negotiations.
See also: "Binance files a lawsuit against The Wall Street Journal"
