Coinbase CEO Brian Armstrong has publicly denied allegations that his company lobbied against a Bitcoin tax exemption in Washington. The claims, made by a Bitcoin-focused media account, suggested Coinbase opposed the measure to protect its stablecoin revenue. Armstrong called the accusations “totally false,” while the accuser stood by their sources, highlighting a debate over corporate influence in crypto policy.
Brian Armstrong, CEO of Coinbase, has directly refuted claims his company worked to block a Bitcoin tax exemption. He called the allegations “totally false” in a post on social media.
The accusations originated from the Bitcoin-focused media account Truth for the Commoner (TFTC). It claimed Coinbase lobbyists told legislators that a Bitcoin de minimis exemption would be dead on arrival.
TFTC suggested the exchange has a financial motive for its opposition. The account stated Coinbase earned approximately $1.35 billion last year from stablecoin revenue.
According to TFTC, nearly all that revenue came from interest on U.S. Treasuries backing the USDC stablecoin. The account argued a tax break for Bitcoin but not stablecoins could make BTC a more attractive payment method.
Armstrong responded directly to the accusations on social media. “I’ve spent a bunch of time lobbying for Bitcoin’s de minimis tax exemption, and will continue doing so,” he stated.
TFTC co-founder Mart Bent did not retract the claims. He told Armstrong he had sources indicating the company’s team or lobbyists were involved.
The proposed legislation seeks a de minimis exemption for crypto gains taxes on small transactions. Senator Cynthia Lummis introduced a version last year covering transactions up to $300.
Tax lawyer Jason Schwartz suggested the debate might be conflating several separate policy ideas. He noted different market participants naturally advocate for different provisions.
Schwartz stated this advocacy should not be interpreted as one party trying to kill another provision. The discussion cuts to the center of a debate about corporate representation in crypto policy.
