Coinbase Launches 'Stand With Crypto' Initiative to Counter Proposed Crypto Taxation by the IRS

Coinbase has initiated the “Stand With Crypto” campaign aimed at opposing the transaction information collection proposed by the Internal Revenue Service (IRS) in its

cryptocurrency

tax laws. The campaign's webpage indicates that cryptocurrency advocates have donated over $2 million, with over 100,000 advocates participating and making over 16,000 contacts with Congress.

The page also provides a channel for donations, and the current top three donors are barmstrong.eth ($11,584.05), wwarren.eth ($10,047.84), and bleznak.eth ($8,806.03).

Previously, Coinbase sent a 14-page letter to the IRS expressing serious concerns about the nature and scope of the proposed tax regulations. Coinbase stated, “We have long advocated for the establishment of a tax system that treats digital assets on par with traditional financial assets. The proposed regulations will impose unprecedented, unconstrained, and unrestricted surveillance on the daily lives of Americans, allowing the government to oversee the most private healthcare decisions and even the purchase of a cup of coffee.”