Coinbase Likely to Lose Battle to Protect Users from IRS Bitcoin Tax Probe

[GrandpasNaked]

cryptocoinsnews.com/?p=122831

Some serious bullshit that isn't getting as much coverage as it should be. Major invasion of privacy

[Davidbugs2]

Thats really terrible news. Why one earth coinbase has been compromising for this? I should better leave coinbase then.

[jseverson]

Well that's scary. I don't have a strong grasp of US laws, but can they really demand that information? I know they can get information from Google and the like when it's linked to criminal activity. But then again, isn't tax evasion a criminal offense? This is really scary, as it will set a precedent on investigations of large Bitcoin transactions.

I hope the courts rule in Coinbase's favor.

[prettybuds]

If you’re a long-time Coinbase user and have neglected to pay taxes on your bitcoin profits, you may soon find yourself in legal hot water, because a U.S. district court is likely to force the bitcoin exchange to hand over records from thousands of U.S. customers to the Internal Revenue Service (IRS).

So, a lot of convictions for tax evasion imminent?