Coinbase ordered to give the IRS data on users trading more than $20,000

[BlackRock]

Coinbase ordered to give the IRS data on users trading more than $20,000


On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform
Based on this Judgement IRS may ask coinbase and other platforms like bitstamp,LBC to provide data from time to time

Will this effect the bitcoin price ?

https://www.yahoo.com/news/coinbase-ordered-turn-over-data-235635616.html

[Teraboy]

Coinbase ordered to give the IRS data on users trading more than $20,000


On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform
Based on this Judgement IRS may ask coinbase and other platforms like bitstamp,LBC to provide data from time to time

Will this effect the bitcoin price ?

https://www.yahoo.com/news/coinbase-ordered-turn-over-data-235635616.html

I think that will not affect the bitcoin price. As long as the trade will still run smoothly in the US exchange site. Because to avoid the money laundering and the IRS needs all of the date from US exchange sites.
That's why the coinbase is give a requirement for their users to complete the verification.

[thr3]

I believe in the future they will request for information on everyone since bitcoin is considered an asset and will require tax declaration.

[neurotypical]

Coinbase ordered to give the IRS data on users trading more than $20,000


On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform
Based on this Judgement IRS may ask coinbase and other platforms like bitstamp,LBC to provide data from time to time

Will this effect the bitcoin price ?

https://www.yahoo.com/news/coinbase-ordered-turn-over-data-235635616.html

I don't understand how anyone could be surprised of these things, or interpret it as FUDdish... this is the normal business as usual. If you are using a gateway of the financial banking system to bitcoin, then you are going to need to comply with the laws. You can't expect to be trading millions while the IRS does nothing about it. Coinbase asks for private details to handle them to the government. If you don't like it, find other ways, but we can't really blame Coinbase for complying with the law.. it is how they run their business.