Coinbase Will Oppose Government Petition in Court
Bitcoin exchange Coinbase is under scrutiny by the government agency the IRS, shocking the community. However, it seems Coinbase will be doing everything it can to protect its customer’s data and possibly fight the summons through litigation. Can the IRS Really Sift Through All Coinbase Customers Transactions Over Three Years? As Bitcoin.com reported....
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An effort by the US Internal Revenue Service to obtain user records from digital currency exchange Coinbase may take months to resolve. The IRS filed a petition last week in federal court, seeking court approval to subpoena data on customers who bought or sold bitcoin from Coinbase during the period between December 2013 and December 2015. Court filings indicate that no significant action is expected until mid-February. An initial case management conference has been scheduled for 16th February in San Francisco, with 26th January being the last day the two sides could meet to hammer out a....
Coinbase has intensified efforts to force the hand of the United States Securities and Exchange Commission (SEC) on its crypto rulemaking petition. The firm has submitted a formal response to the Third Circuit regarding the SEC’s recent update on its rulemaking request. Coinbase Files For Mandamus Again In Latest Response As earlier reported by Bitcoinist, […]
Transaction records of Coinbase users, specifically bitcoiners, have been targeted by the Internal Revenue Service (IRS), according to a federal case filed in the U.S. District Court in the California Northern District Court. First revealed by ZeroHedge on a late Thursday night November 17, the civil petition was filed in the federal court in California the same day. With a “John Doe” summons, a summons issued by the IRS to a third party to provide information on unnamed, unknown taxpayer(s), the filing reads: Based upon a review of the Petition and supporting documents, the Court has....
Jeffrey Berns, an attorney representing Coinbase in its legal fight against the Internal Revenue Service summons to provide customer information, recently filed a response to the “John Doe” summons, asking the court to quash the summons in its entirety, order a limited hearing and discovery into government’s good faith, or reconsider its decision to grant the IRS petition. Berns’ motion calls the IRS summons “unprecedented use” of the IRS John Doe summons procedure. Coinbase has said it is committed to customer privacy and opposes the government’s efforts to gain customer information.....
Many Indians have signed a petition for the government to introduce reasonable crypto tax policies. This week, India’s finance minister, Nirmala Sitharaman, proposed taxing crypto income at 30%. Indians Sign Petition Urging Government to Rethink Crypto Tax Proposal A petition has been initiated on Change.org for the government of India to “introduce reasonable crypto tax policies.” Finance Minister Nirmala Sitharaman said during her Budget 2022-23 speech earlier this week that crypto income shall be taxed at 30% and no deduction, except the cost of acquisition, will be....