Coinbase launches “Stand With Crypto” initiative to fight IRS proposed crypto tax law

Coinbase has launched the "Stand With Crypto" campaign to fight against the collection of transaction information proposed by the Internal Revenue Service (IRS) for crypto taxes. The related webpage shows that crypto advocates have donated over $2 million, with over 100,000 supporters and more than 16,000 contacts with Congress. The page also provides a donation channel, and the top three donation amounts are currently held by 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 US Internal Revenue Service expressing serious concerns about the nature and scope of its proposed tax regulations. Coinbase said, "We have long advocated for the establishment of a tax system that treats digital assets as equivalent to traditional financial assets, while the proposed regulations will impose unprecedented, unconstrained, and unrestricted tracking of Americans' daily lives, allowing the government to oversee the most private healthcare decisions made by Americans, even the purchase of a cup of coffee."