A new controversy has emerged within the cryptocurrency community, particularly on “crypto Twitter,” involving US-based exchange Coinbase (COIN).
Coinbase’s Alleged Lobbying“We’re trying to figure out the appropriate criteria for distinguishing when a transaction—such as a sale of Bitcoin—should be subject to capital gains taxes and when it can be used as a straightforward medium of exchange, akin to the US dollar,” explained Lummis.
Allegedly, Coinbase representatives have informed legislators that “No one is using Bitcoin as money. A de minimis exemption for Bitcoin is a handout that will be DOA [dead on arrival].”
Accusations FlyThis revelation has garnered significant attention from leaders within the cryptocurrency sector. Conner Brown, Managing Director at the Bitcoin Policy Institute, expressed concern over the potential implications of such a move.
Brown emphasized that missteps in this area could represent a grave error for the US policy landscape, urging his peers to remain vigilant. “We’ve invested years in this fight, and we can’t let it slip away at the last moment,” he asserted.
As of now, Coinbase has not provided any official confirmation or response regarding the rumors circulating about its lobbying activities. It remains to be seen whether the exchange will address these allegations or clarify its stance in the ongoing discourse about Bitcoin and stablecoins.
Featured image from OpenArt, chart from TradingView.com
