Coinbase Seeks Crypto Investment Freedom for Trump Accounts

Coinbase has urged the US Internal Revenue Service (IRS) to allow cryptocurrency and related financial product investments in Trump Accounts.

According to Coinbase, these accounts should be expanded beyond their current limitations to include digital assets or funds that invest in them. Currently, Trump Accounts can only invest in mutual funds and ETFs tracking stock indexes centered on US companies.

Coinbase Chief Policy Officer Faryar Shirzad said the company had submitted a comment letter to the IRS on September 25, arguing that the investment universe for Trump Accounts should be broadened to match that of traditional IRAs. This would promote competition among financial firms and expand investor choice and diversification opportunities.

Coinbase President and Chief Operating Officer Emilie Choi stated that the company was a key backer of Trump Accounts from their inception, aiming to help young Americans build assets and lay the groundwork for financial independence at a critical stage in life. The government will provide a $1,000 seed contribution for each account for US citizens born between 2025 and 2028.