[2019-07-24] Circle and Poloniex moving from the US, regulatory uncertainty

[bbc.reporter]

My prediction that Coinbase is next might be wrong. The regulators might not go after them. They might have already been cooperating with the IRS and might have given up their users' data.



Are the 10,000 recipients Coinbase users?

The IRS stated that the names of the individuals in questions “were obtained through various ongoing IRS compliance efforts.” However, anecdotal evidence on social media suggests that the 10,000+ affected are the Coinbase users whose details were shared with the IRS after an IRS summons forced the exchange to hand over names, birth dates, taxpayer IDs, addresses, and transactions histories of approximately 13,000 customers in February 2018.

A bitcoin investor who received a letter shared their experience talking to an IRS agent about the notices and was able to provide further insight into who the notices were sent to.

Under the username “zipzapbloop”, the Coinbase user stated on Reddit: “I just got off the phone with a very kind IRS agent who explained much of what we've already gathered. If you got 6174 or 6174-A, then unless you have good reason to believe you didn't comply, then treat the letters as essentially informational. She stated that their resources are very limited and even said that the letters were sent to some 13,000 who had Coinbase accounts. Yes, she actually said "Coinbase accounts."

Read in full https://bravenewcoin.com/insights/is-the-irs-crackdown-on-crypto-traders-a-sign-of-a-maturing-market

[deisik]

Can you imagine what would happen if a large company like Coinbase or Overstock would make the same decision now? Donald Trump is saying he wants to protect local jobs and create new job opportunities, but he smack tweets Bitcoin and in doing this, chase away legitimate companies that wants to operate legally in the US

Don't take the words of Trump and his likes at their face value

Today they can say one thing and tomorrow they say the exact opposite like they have always said (and thought) so. These people don't give a slightest fuck about Bitcoin (and most other things, for that matter) as they are only interested in gaining more power (and not losing it in the process). In case of Trump specifically, he is going to run for POTUS next year, so anything he says (and more importantly, what he does) should be considered from this angle

Regarding the questions raised in the OP, cryptocurrency operations are not bound to any specific area (apart from their client base), so if it means moving out of the US jurisdiction, they will do that without any second thought. Technically, the American government is shooting themselves in the foot with such acts, but more power to them if they choose so. Really, who are we to stop them and why? Let them dig their own grave