Rich by Coin

Coinbase Chief Policy Officer Faryar Shirzad directly denied allegations that the company is lobbying against a proposed de minimis tax exemption for Bitcoin. Responding on X to a post by Bitcoin podcaster Marty Bent, Shirzad wrote: “This is a total lie @MartyBent. We have never and will never lobby against Bitcoin. Ever.” Jack Dorsey of Block specifically called Armstrong out for clarification, saying “hope this is true for de minimis as well. @brian_armstrong?”

The denial comes after Bent reported on March 11 that Coinbase is allegedly telling lawmakers the exemption is unnecessary because “No one is using bitcoin as money. A de-minimis exemption for bitcoin is a hand out that will be DOA.” Bent claimed the company is pushing for stablecoins-only treatment to advance its own business. Bitcoin Policy Institute Managing Director Conner Brown confirmed a related development the same day, noting a strong shift on the Hill to limit the de minimis exemption to stablecoins and that BPI continues to meet with lawmakers to explain what a strategic blunder this would be for the U.S.

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—even buying coffee or paying a freelancer—creates a taxable event that requires tracking cost basis and filing paperwork. Legislation backed by Sen. Cynthia Lummis (R-WY) would set a $300-per-transaction threshold with a $5,000 annual cap, aligning routine Bitcoin payments more closely with minor foreign-currency exchanges. Block Inc. has been a vocal supporter, launching its ‘Bitcoin is Everyday Money’ campaign and rolling out Lightning Network tools that let merchants accept Bitcoin payments with zero fees through 2027, while Bitcoin Magazine data show growing use—$1.17 billion in monthly volume across 5.22 million transactions in November 2025 and roughly 1.5 million users and $1.5 billion in trading volume by mid-2025.