Coinbase executives denied lobbying against tax exemption for small Bitcoin transactions.

PANews reported on March 13th, citing Cointelegraph, that Coinbase executives have denied allegations that the exchange blocked a tax exemption for small Bitcoin transactions. This comes after Bitcoin advocates speculated on social media that Coinbase told lawmakers that Bitcoin is not widely used as a medium of exchange and therefore does not need to be tax-exempt. Coinbase CEO Brian Armstrong responded that the allegations are "completely false" and stated that he has been lobbying for a tax exemption for small Bitcoin transactions and will continue to do so. Coinbase Chief Legal Officer Paul Grewal and Chief Policy Officer Faryar Shirzad also reiterated that they "have never lobbied against Bitcoin." Currently, US lawmakers are considering tax exemptions for stablecoins priced in US dollars, but Bitcoin is not included in the tax exemption scope of the draft CLARITY Act.