Brian Armstrong, founder and CEO of Coinbase Exchange, has dismissed claims that the company has lobbied against a tax exemption for Bitcoin transfers under $200.
In a statement on X (formerly Twitter), Armstrong labeled the claims as ‘completely untrue’, adding:
I have spent a lot of time lobbying for Bitcoin’s de minimis tax exemption, and will continue to do so. It’s clearly the right thing.
US policy for Coinbase Kara Calvert echoed Armstrong’s position. She dismissed the allegations as “categorically false.” to emphasize that they have advocated tax exemptions for all digital assets.
Coinbase has been advocating for a de minimis exemption for all digital assets since 2017.
Is Coinbase Fighting Bitcoin?
Lawmakers like Senator Cynthia Lummis (R-WY) are in favor of tax exemptions for BTC transfers under $300. The current bill, the CLARITY Act, prioritizes tax exemptions for stablecoin spending under $200.
The accusations against the stock exchange were initiated by media publisher TFTC, which claimed that Coinbase’s secret lobbying aims to protect interest income tied to USDC.
A de minimis exemption for Bitcoin would allow people to spend it freely on everyday purchases without triggering a taxable event. This makes Bitcoin a direct competitor to USDC as a means of payment. Coinbase doesn’t want that competition.
In fact, TFTC founder Marty Bent maintained that he had sources that contradicted Armstrong’s pro-BTC position on tax exemptions. He emphasized that Armstrong’s team and lobbyists oppose blanket exemptions for BTC transfers.
Conner Brown, head of the advocacy group Bitcoin Policy Institute, echoed Bent’s claims, warning:
This is extremely worrying if true. I can confirm that over the past three months there has been a strong shift towards limiting the de minimis exemption to stablecoins only.
However, IIn response, Calvert from Coinbase clarified That,
100% false reporting. We strongly support both Senator Lummis’ bill and the work in the House of Representatives to create a de mimimis exemption for ALL digital assets.
Under US tax law, stablecoins and crypto assets are treated as property and not “currency.” Unlike traditional cash transfers, US “payment stablecoins” trigger taxable events like other crypto transfers.
Even worse, crypto staking is subject to double taxation and remains unresolved as of early 2026.
To encourage adoption, the crypto industry and some lawmakers, such as Senator Lummis, have called for tax relief.
So far, none of the efforts have yielded results. The outcome of the cryptocurrency tax credit will depend on the final draft of the CLARITY Act and its passage into law.
Final summary
- Coinbase has distanced itself from claims that it is secretly opposing tax exemptions for small BTC transfers.
- US tax law still treats crypto and stablecoins as property; therefore, transfers, even for coffee payments, will give rise to a taxable event.