Coinbase Urges Congress to Reform Cryptocurrency Tax Laws

Coinbase, a leading cryptocurrency exchange, has submitted testimony to the House Ways and Means Committee advocating for changes to the US tax code as it relates to digital assets.

Lawrence Zlatkin, Coinbase's vice president of tax, appeared before lawmakers on June 9, highlighting issues with the current framework that he claims forces Americans to calculate gains and losses on routine stablecoin payments and blockchain transaction fees.

Zlatkin argued that federally regulated stablecoins pegged to the US dollar should be treated at face value for tax purposes, rather than triggering taxable events every time they are spent. This would eliminate unnecessary paperwork without compromising tax revenue.