US lawmakers are eyeing tax exemptions for US dollar stablecoins, which are pegged and do not change in value, but not other cryptocurrencies.
Executives at Coinbase have denied allegations that the crypto exchange is blocking a de minimis tax exemption for Bitcoin (BTC) transactions below a certain threshold to push for stablecoin tax exemptions.
Several Bitcoin advocates speculated on social media that the exchange told US lawmakers that a BTC tax exemption is not needed because BTC is not widely used as a medium of exchange.
Coinbase CEO Brian Armstrong responded by calling the allegations “totally false” and a form of misinformation.
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