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>>Coinbase Calls on Congress to Eliminate Capital Gains Taxes on Bitcoin, XRP, and Other Cryptocurrencies

Coinbase Calls on Congress to Eliminate Capital Gains Taxes on Bitcoin, XRP, and Other Cryptocurrencies

crypthub

about 3 hours ago

Coinbase’s Tax Reform Request

Crypto analyst John Squire highlighted Coinbase’s appeal to Congress to eliminate capital‑gains taxes on everyday crypto transactions, especially for XRP. The exchange argues that taxing routine payments discourages adoption and keeps digital assets confined to investment use. By removing the tax on small, frequent transfers, Coinbase hopes to position XRP and other tokens as practical money.

Reporting Burden Concerns

Lawrence Zlatkin, Coinbase’s VP of Tax, warned that without a de‑minimis exemption, taxpayers would face massive reporting obligations for billions of tiny payments. He described the risk of “over‑reporting” as strain on both users and the IRS. Other witnesses echoed the need for simple rules that reflect blockchain’s high transaction volume.

Implications for Everyday Crypto Use

Squire sees the tax change as a turning point that could make XRP viable for daily purchases without complex tax paperwork. Legislative approval would help digital assets function as true payment methods in the U.S. The outcome will shape how smoothly crypto integrates into regular commerce.