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So-- IRS seeks _all_ transaction records for all coinbase customers. Not just buying and selling Bitcoin but also people using their wallet services, which woul
by nullc 10y ago
So-- IRS seeks _all_ transaction records for all coinbase customers. Not just buying and selling Bitcoin but also people using their wallet services, which would mostly be users moving around their own funds (not a taxable event).
They're doing this on the basis that there might be evidence of tax evasion in there somewhere. Which is plausible, I suppose.
Thing is: All this same data was also emailed to the customers (as coinbase does email notification), likewise for their competitors.
Which means that the IRS could likely get the same data but more comprehensively by simply demanding Google turn over every single email for every user. I can guarantee this would include much more evidence of tax evasion.
So why is a coinbase dragnet a viable demand where a Gmail one-- which would include the same data plus even more tax evasion evidence-- not one? Or is it simply the case that the Gmail demand will show up after this one clears the courts? :)
- JumpCrisscross 10y agoMaterial transactions are already, for the most part, reported. This action isn't putting special attention on Bitcoin ceteris paribus. It is bringing it into alignment with U.S. dollar custom and law.
- throwawayqwer 10y agoSo shouldn't they only require Coinbase hand over "material transactions"?
- tn13 10y agoI am not surprised that IRS needs to work with coinbase to find tax evaders but a `John Doe summons` ? Again, I fail to see any legal rational in the court's verdict. This is a bad precedent and I seriously hope Coinbase gets support from other tech giants to take it to Supreme Court. This clearly seems like violation of 4th amendment. I have no doubt that Gmail will be next.