It appears their puzzlement is soon to be relieved.
And for spectators in the cheap seats, the judge in this case is Magistrate Judge Jacqueline Scott Corley who has also been helping Judge Alsup in the Uber-Waymo case.
From The Verge:
Anyone moving more than $20,000 on the platform is subject to the new order
Today, Coinbase suffered a major defeat at the hands of the Internal Revenue Service, nearly a year after the case was initially filed. A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the government’s requirements. The full order is embedded below.For each account, the company has been asked to provide the IRS with the user’s name, birth date, address, and taxpayer ID, along with records of all account activity and any associated account statements. The result is both a definitive link to the user’s identity and a comprehensive record of everything they’ve done with their Coinbase account, including other accounts to which they’ve sent money.The order is significantly narrower than the IRS’s initial request, which asked for records on every single Coinbase user over the same period. That request would also have required all communications between Coinbase and the user, a measure the judge ultimately found unnecessarily comprehensive.
The government made no claim of suspicion against individual users, but instead argued that the order was justified based on the discrepancy between Coinbase users and US citizens reporting Bitcoin gains to the IRS. Coinbase boasts nearly 6 million customers, but according to a government filing, fewer than 1,000 US citizens have reported cryptocurrency holdings on their taxes....
...MORE, including the Judge's order.
Previously:
Nov. 11, 2917
Nov. 22, 2016
Bitcoin: Andreessen Horowitz Backed Coinbase Has An IRS Problem
