Kara Calvert 🛡️

Mom to 4 amazing kids! Wyoming native and proud @UWYO alum. Thrilled to be working for @coinbase. Longtime tech and crypto advocate in DC.

[Paul Grewal @iampaulgrewal]

When we see CLARITY signed into law, there better be a big gold chair in the middle of the front row for @patrickjwitt . Heroic work being done to get this over the finish line.

[Faryar Shirzad 🛡️ @faryarshirzad]

Last year @Coinbase alone submitted 1099s for hundreds of millions of transactions under $100. We have real solutions on the table to reduce the clutter and sharpen the IRS's focus on what they should be focused on - large transactions that produce higher income.

Thank you to Chairman @RepJasonSmith and @WaysandMeansGOP for dedicating time today to a bipartisan discussion on the tax treatment of digital assets, and thanks to @repkevinhern for his thoughtful questions to my colleague @LawrenceZlatkin at the hearing.

[Patrick Witt @patrickjwitt]

Big week ahead for Clarity. The work has continued in earnest behind the scenes since the Banking markup. The issue set has narrowed, and good faith offers are being put forward to close the gap. But time is of the essence.

[Faryar Shirzad 🛡️ @faryarshirzad]

Hey @BrendanPedersen, there are a number of @coinbase people on the list because we hire lots of experienced national security veterans to keep our platform safe and to partner with law enforcement when they need our help. We've even won awards and commendations for the help we provide in going after illicit activity. This is a good thing.

[Brian Armstrong @brian_armstrong]

The crypto market structure bill has PASSED the Senate Banking Committee with a bi-partisan vote!

Historic day for crypto and for the future of digital assets in America. Grateful for the countless hours from lawmakers and staff to strengthen this legislation. Big improvement from where we were in January on rewards, tokenization, DeFi, and CFTC authority. I'm proud we stood up for our customers in that moment, and the bill is better because of it.

Looking forward to a bipartisan law that cements the US as the world's crypto capital. Let's get CLARITY done.

[Stand With Crypto🛡️ @standwithcrypto]

Banking lobbyists sent 8,000 letters to kill stablecoin rewards.

SWC advocates called 8,000 times and sent 300k emails in the past few months to protect them.

SWC advocates have contacted their lawmakers almost 1.5M times for Clarity.

There is no Stand With Banking 🛡️

[Faryar Shirzad 🛡️ @faryarshirzad]

The bank trade lobbies’ arguments against stablecoins have lost all credibility. Let’s recap:

- The supposed “deposit flight” risk is a fabrication and wildly overstated.
- Fully-reserved stablecoins are plainly not the same as fractionally-reserved bank deposits.
- Claims that stablecoins will destabilize the banking system ignore both their design and the safeguards built into GENIUS.
- And complaints about “loopholes” in GENIUS are especially hard to take seriously from parties that were directly involved in negotiating the final language, and then boycotted the rewards talks in CLARITY.

The @ABABankers letter ultimately says the quiet part out loud: this is about limiting competition and preserving incumbents’ control over payments.

GENIUS creates clear rules and strong protections for dollar-backed stablecoins. Time to move on and get CLARITY to the floor.

[Patrick Witt @patrickjwitt]

I specifically requested the attendance of Mr. Nichols and other bank trade CEOs at the meetings we hosted back in February to resolve the stablecoin rewards/yield issue. They refused. I guess the White House was beneath them?

In their defense, I wouldn’t want to have to defend their position in public either.

[Nick Carr 🛡️ @ThisIsNickCarr]

A huge moment, years in the making. 3 million @standwithcrypto advocates making their voices heard and won’t stop.

Let’s finish the job and run through the tape.

[Brian Armstrong @brian_armstrong]

Mark it up

[Stand With Crypto🛡️ @standwithcrypto]

North Carolina SWC advocates have consistently made their voices heard in support of stablecoin rewards, calling 1500+ times and sending 12k+ emails.

There are 70k SWC advocates in NC who are counting on lawmakers to protect their financial future.

Don't let them down.

[Kara Calvert 🛡️ @karacalvert]

This is exactly the kind of innovation that should sit at the intersection of traditional financial services and crypto. Crypto-backed mortgages that work within the existing, government-backed mortgage system will help bring new opportunities to communities around the country, and help to build wealth and credit for millions of Americans.

[Coinbase 🛡️ @coinbase]

Get your house and keep your crypto.

Crypto-backed mortgages are here - increasing access to homeownership for millions of Americans.

Buy a home without converting your portfolio by using BTC or USDC as collateral for your down payment.

Offered by Better, powered by Coinbase.

[Patrick Witt @patrickjwitt]

Plenty of uninformed FUD circulating on social media this week.

It’s all going to work out. Bullish.

[Kara Calvert 🛡️ @karacalvert]

Tomorrow I'll be joining @BitcoinConner, @BitcoinPolicy, @blocks, and @river to make the case for de minimis tax relief for all digital asset payments. I'll be sharing timely net new Coinbase data underscoring the need for a de minimis threshold and reporting refinements. Tax modernization isn't a niche ask — it's core to keeping America's payments competitive.

[Kara Calvert 🛡️ @karacalvert]

.@BitcoinConner we'd be glad to attend your roundtable - thank you for the invitation. Coinbase has participated and hosted multiple tax-focused discussions over the years, especially over the last 6 months, and happy to publicly reinforce our position that Congress should authorize a de minimis exemption for all crypto.

[Kara Calvert 🛡️ @karacalvert]

.@martybent and @bitcoinconner - this is categorically false. Don't take the bait - we are definitely NOT lobbying against Bitcoin. @Coinbase has been advocating for a de minimis exemption for ALL digital assets since 2017 when Reps. @DavidSchweikert and Jared Polis (now @GovofCO) introduced the Cryptocurrency Tax Fairness Act. In fact, I was on the ground in DC pushing for that bill, and a decade later I'm still on the ground lobbying for strong de minimis exemptions for ALL digital assets. As for stablecoins, frankly we shouldn't need a de minimis exemption. Stablecoins don't realize gains or losses - they are stable.

[Conner Brown @BitcoinConner]

This is extremely concerning if true.

I can confirm that over the past three months there’s been a strong shift on the Hill to limiting the de minimis exemption to stablecoins only.

BPI continues to meet with lawmakers to explain what a strategic blunder this would be for the U.S.

We’ve spent years on this issue—we can’t let it slip at the last minute.

[Brian Armstrong @brian_armstrong]

@jack Yep

[Kara Calvert 🛡️ @karacalvert]

.@tftc21 - 100% false reporting. We strongly support both Senator Lummis' bill and the work in the House to create a de mimimis exemption for ALL digital assets.

[TFTC @TFTC21]

Coinbase is quietly lobbying to kill Bitcoin's de minimis tax exemption.

The company reportedly told legislators that "no one is using Bitcoin as money" and that a Bitcoin de minimis exemption would be "DOA." Meanwhile, they're pushing for the exemption to apply only to stablecoins, specifically regulated, dollar-pegged stablecoins like USDC.

Coinbase made $1.35 billion in stablecoin revenue in 2025, up 48% year over year, almost entirely from interest earned on U.S. Treasuries held in USDC reserves. Bloomberg estimates that number could surge 7x under the GENIUS Act. Every person who uses USDC for payments instead of Bitcoin is a person whose dollars are sitting in Coinbase's reserve pool generating risk-free yield for Coinbase.

A de minimis exemption for Bitcoin would let people spend it freely for everyday purchases without triggering a taxable event. That makes Bitcoin a direct competitor to USDC as a payment method. Coinbase doesn't want that competition. They want you locked into their centralized stablecoin ecosystem where they clip yield on every dollar you park there.

The irony is that a de minimis exemption doesn't even make sense for stablecoins. They're pegged to the dollar. They don't fluctuate in value. There's no capital gain to exempt. The exemption matters for Bitcoin precisely because it does fluctuate, and without it, every coffee purchase becomes a taxable event.

Senator Lummis proposed a $300 de minimis exemption that would cover Bitcoin. The House framework only covers stablecoins under $200. The Bitcoin Policy Institute has already warned that Bitcoin is being deliberately excluded from these talks.

A de minimis exemption that covers stablecoins but not Bitcoin isn't a tax framework. It's a subsidy for Coinbase's treasury management business disguised as consumer protection.