"This is a total lie @MartyBent. We have never and will never lobby against Bitcoin. Ever. Coinbase Chief Policy Officer Faryar Shirzad's direct denial of allegations that the company is lobbying against the de minimis tax exemption for Bitcoin, responding to reports claiming Coinbase told lawmakers the exemption is unnecessary."
"I can confirm that over the past three months there's been a strong shift on the Hill to limiting the de minimis exemption to stablecoins only. BPI continues to meet with lawmakers to explain what a strategic blunder this would be for the U.S. Bitcoin Policy Institute Managing Director Conner Brown's confirmation of legislative pressure to restrict the exemption."
"The de minimis tax exemption would eliminate capital-gains taxes and IRS reporting requirements on small Bitcoin transactions, solving a long standing friction for the adoption of bitcoin as currency. Under current law, Bitcoin is treated as property, so every spend creates a taxable event that requires tracking cost basis and filing paperwork."
Coinbase Chief Policy Officer Faryar Shirzad denied claims that the company lobbies against a de minimis tax exemption for Bitcoin, stating the company has never and will never lobby against Bitcoin. The denial follows reports that Coinbase allegedly told lawmakers the exemption is unnecessary because no one uses Bitcoin as money, and that the company is instead pushing for stablecoins-only treatment. Bitcoin Policy Institute confirmed a shift toward limiting the exemption to stablecoins only. The de minimis exemption would eliminate capital-gains taxes and IRS reporting on small Bitcoin transactions, removing friction for Bitcoin adoption as currency. Legislation backed by Senator Cynthia Lummis proposes a $300-per-transaction threshold with a $5,000 annual cap.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]