Armstrong Denies Coinbase Lobbied Against Bitcoin Tax Exemption
Coinbase CEO Brian Armstrong calls lobbying claims ‘totally false’ after Marty Bent alleges the exchange pushed to limit Bitcoin de minimis tax relief.
Coinbase CEO Brian Armstrong denied claims the exchange lobbied against a Bitcoin de minimis tax exemption, calling the allegations “totally false.”
TLDR KEYPOINTS
- Marty Bent alleges Coinbase told lawmakers to limit de minimis tax relief to stablecoins, citing 3 Capitol Hill sources
- Armstrong, CPO Shirzad, and VP Calvert all denied the claims publicly on X
- Coinbase earned $1.35B from stablecoins in 2025; the PARITY Act would exclude Bitcoin from tax relief
Bent Alleges Coinbase Pushed Stablecoin-Only Exemption
Ten31 managing partner Marty Bent published the allegation on March 11.
He cited three independent Capitol Hill sources.
Per Bent, Coinbase lobbyists told lawmakers “no one is using bitcoin as money.”
The alleged pitch: a Bitcoin de minimis exemption would be “DOA,” dead on arrival.
Instead, Coinbase allegedly pushed to limit the tax break to “regulated dollar-pegged stablecoins like USDC.”
Armstrong, Shirzad, Calvert All Deny
CPO Faryar Shirzad fired back on X: “This is a total lie. We have never and will never lobby against Bitcoin. Ever.”
VP of U.S. policy Kara Calvert called the claim “categorically false.”
Calvert said Coinbase has backed a de minimis exemption for “all digital assets” since 2017.
Armstrong responded after Block CEO Jack Dorsey publicly pressed him for clarification.
Not sure where you're getting this misinformation (perhaps you can share?) but it's totally false.
I've spent a bunch of time lobbying for Bitcoin's de minimis tax exemption, and will continue doing so. It's obviously the right thing.
— Brian Armstrong (@brian_armstrong) March 12, 2026
Source: @brian_armstrong on X
$1.35B Stablecoin Revenue Raises Incentive Questions
Coinbase earned $1.35 billion in stablecoin revenue in 2025, up 48% year-over-year.
The bulk comes from Treasury yield on USDC reserves via its Circle partnership.
The bipartisan PARITY Act from Reps. Miller and Horsford limits de minimis to regulated stablecoins under $200.
That excludes Bitcoin, departing from Sen. Lummis’s proposal: $300 per transaction, $5,000 annual cap.
BPI managing director Conner Brown: “a strong shift on the Hill to limiting the de minimis exemption to stablecoins only.”
BPI has met with 19 congressional offices pushing for Bitcoin inclusion.
ON-CHAIN DATA
- Lightning Network monthly volume: $1.17 billion (Nov 2025)
- Monthly transactions: 5.22 million
- Context: Contradicts alleged claim “no one is using Bitcoin as money”
BTC Holds $70K; Fear & Greed at 18
Bitcoin traded at $70,042, down 0.44% in 24 hours.
The Fear & Greed Index sat at 18, deep in Extreme Fear, as realized losses hit post-FTX lows.
Spot ETFs posted $115 million in net inflows on March 11, led by IBIT.
What to Watch
Rep. Miller expects the PARITY Act to advance before August 2026.
Sen. Lummis’s competing bill would extend de minimis to Bitcoin at $300 per transaction.
The outcome determines whether everyday Bitcoin payments stay taxable or get stablecoin-level relief.
Coinbase donated roughly $69 million to Fairshake in the 2024 cycle.
That makes it one of crypto’s largest political spenders.
Disclaimer: This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
More From Crypto News
Tether Signs Kazakhstan Central Bank MoU for Tenge Stablecoin
Tether has signed a memorandum of understanding with the National Bank of Kazakhstan to explore developing a stablecoin pegged to the Kazakhstani tenge, accordi...
XRP Narrow Range: Analyst Eyes Potential Move Toward $2
ChartNerd describes the current structure as neutral. A breakout would require a resistance break, a retest that holds as support, and a push through the local...
Hyperliquid Faces Singapore Regulatory Questions Despite Local HQ
Having a registered office in Singapore places Hyperliquid squarely within the oversight reach of the Monetary Authority of Singapore (MAS), the country’s centr...
US Spot XRP ETFs Hold $1.7B as Weekly Inflows Hit $4M
The $1. 7 billion aggregate represents cumulative assets under management across US-listed spot XRP ETFs as of Monday’s close, not single-day activity.
Ethereum Falls Nearly 6% as $1.35B Longs Face Liquidation
Ethereum slid nearly 6% on October 7, 2026, dropping to around $2,570 and leaving approximately $1. 35 billion in leveraged long positions at risk of forced liq...
Bank of Russia Registers Official Crypto Market Operators
By registering operators directly, the Bank of Russia positions itself as the supervisory authority over who may legally conduct crypto-market activity under Ru...
Author
Akita Inu
Akita Inu covers fast-moving crypto market updates, exchange news, and token ecosystem developments for CoinLive, with a focus on concise source-led reporting.