Coinbase has to provide user’s ID information to IRS

A California federal court has ordered Coinbase to provide identifying records for users who have any operations with more than $20,000 through their accounts
30 November 2017   1149

Nearly one year ago, the IRS initiated proceedings to obtain copies of essentially all Coinbase U.S. customers’ records for the three-year period 2013–2015.

On Wednesday, a federal judge in San Francisco ordered that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015.

Coinbase is ordered to produce the following documents for accounts with at least the equivalent of $20,000 in any one transaction type (buy, sell, send, or receive) in any one year during the 2013 to 2015 period:

  • the taxpayer ID number
  • name
  • birth date
  • address
  • records of account activity including transaction logs or other records identifying the date, amount, and type of transaction (purchase/sale/exchange), the post transaction balance, and the names of counterparties to the transaction
  • all periodic statements of account or invoices (or the equivalent)

However, Coinbase assumes that it won a partial victory in court. Company believes that it reached 2 important victories.

First, the government initially sought private financial records of approximately 500,000 account holders, but in response to Coinbase’s continuing fight, the IRS significantly reduced the scope of the summons to approximately 14,000 customers. Second, the quantity of customers data has been significantly reduced as the Court acknowledged the privacy rights at stake in this matter.

SEC to Decide on Bitcoin ETF until Feb 27 2019

Despite this news, Bitcoin price hit another bottom - $3400 this time
07 December 2018   97

The US Securities and Exchange Commission (SEC) issued a notice stating that consideration of a decision on an application to start Bitcoin-ETF from VanEck and SolidX with the assistance of CBOE will last until February 27 of next year.

According to the SEC rules, the period for consideration of this decision cannot be extended yet. Thus, the Commission on maximum uses the allotted time, and February 27 will be the final date for the decision on this application.

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.

Securities and Exchange Commision

According to representatives of the SEC, to date, the Commision has received more than 1600 comments on this application.

Despite this news, Bitcoin price hit another bottom - $3400 this time.