March 13 News: Recent discussions in the U.S. Congress regarding cryptocurrency tax policies have seen new disagreements. A proposed small transaction tax exemption that could have covered Bitcoin is gradually being limited to only stablecoins. This change has sparked dissatisfaction among Bitcoin supporters and brought industry executives Brian Armstrong and Jack Dorsey into the spotlight.
Bitcoin advocate and Ten31 managing partner Marty Bent recently publicly criticized that some lobbying efforts in the crypto industry are pushing lawmakers to restrict tax exemptions to stablecoin payments. He claimed that informed sources revealed some lobbyists told Congress that “no one really uses Bitcoin as everyday currency,” and therefore tax exemptions should prioritize stablecoin transactions.
In response, Brian Armstrong’s team quickly denied these claims. Chief Policy Officer Faryar Shirzad stated that the company has long supported small transaction tax exemptions for all digital assets and emphasized that they have never lobbied against Bitcoin-related policies. Brian Armstrong himself also publicly denied these accusations.
Meanwhile, Block CEO Jack Dorsey posted on social media questioning Brian Armstrong, hoping that the relevant policies would also apply to small everyday transactions. The public interaction between these two tech industry leaders has quickly drawn attention from the crypto community regarding the Bitcoin tax policy debate.
The core of the controversy revolves around the “small transaction exemption.” Currently, U.S. tax law treats cryptocurrencies as property, meaning each transaction using Bitcoin could trigger capital gains taxes. For example, buying coffee with Bitcoin also requires reporting to the IRS, which results in higher compliance costs for crypto payments in real-world scenarios.
According to the Bitcoin Policy Institute, a Washington-based policy research organization, there has been a noticeable shift in the stance of some Congress members in recent months, leaning toward providing only minimal tax exemptions for stablecoins. The recent draft of the Parity Act explicitly includes “regulated payment stablecoins” in the exemption scope, excluding Bitcoin.
Analysts point out that Congress is currently discussing multiple different tax relief proposals, including small payment exemptions, stablecoin transaction exemptions, and Gas fee reductions. The differing interests of various crypto asset groups make the policy negotiations increasingly complex.
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