TechFlow News, March 13: According to a Cointelegraph report, several Coinbase executives publicly denied that the exchange had lobbied against tax exemptions for small-value Bitcoin (BTC) transactions. Previously, some BTC advocates accused Coinbase on social media of telling U.S. lawmakers that BTC does not require such an exemption, arguing that BTC is not widely used for payments.
In response, Coinbase CEO Brian Armstrong called these allegations “completely false” and stated that he has been actively lobbying to advance legislation granting tax exemptions for small-value BTC transactions. Chief Legal Officer Paul Grewal and Chief Policy Officer Faryar Shirzad also posted statements denying the accusations.
Currently, the draft CLARITY Act under consideration in the U.S. Congress limits the proposed tax exemption solely to stablecoins pegged to the U.S. dollar and excludes BTC transactions. According to Conner Brown, Managing Director of the Bitcoin Policy Institute, the small-value BTC tax exemption provision was omitted from the draft bill.
