PANews reported on March 12 that, according to BitcoinNews, cryptocurrency exchange Coinbase is alleged to be lobbying US lawmakers behind the scenes to oppose a tax exemption for small transactions of Bitcoin, suggesting that the exemption be limited to stablecoins. Previously, Bitcoin policy advocate Marty Bent revealed on social media that Coinbase had told lawmakers that "nobody uses Bitcoin as currency" and that a tax exemption for small transactions of Bitcoin would be a "subsidy destined to fail."

The crypto community considers this "very worrying" if true, aligning with concerns about recent crypto legislation (such as the GENIUS Act) where some policies may be influenced by special interest groups and regulatory capture rather than genuinely promoting innovation. Policy discussions on Capitol Hill have shifted significantly in the past three months, with some proposals favoring tax exemptions only for stablecoins, excluding Bitcoin. The Bitcoin Policy Institute, an advocacy group, stated that it is still in ongoing communication with lawmakers, and limiting small-transaction tax exemptions to stablecoins would be a strategic mistake in US policy. The institute has long advocated for exempting small Bitcoin transactions from capital gains tax.