completely bare – American crypto exchanges, such as Coin base Or the krakenis regular harassed into divulging their customer data. An American court has also just confirmed that an organization such asInternal Revenue Service (Or IRSthe US IRS), can even obtain a customer’s detailed trading data.
This trader tries to protect his personal data
“ It was necessary try “ : this is what this trader and client of Coin basewhen he discovered that the US IRS had come to rummage through his personal data until he had full details of his exchanges of cryptocurrencies on Brian Armstrong’s platform.
The complainer, a sage James Harperfiled a lawsuit against the US IRS, given that the IRS had violated his constitutional rights, by retrieving its commerce data (under the Fourth and Fifth Amendments of the United States). But the decision of the New Hampshire District Court did not go in his direction.
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Full transparency for the IRS on Coinbase customers
THAT fourth amendment of the United States relied upon by the complainant is as follows:
“The right of citizens to be secured in their person, their residence, their papers and their possessions against unjustified search and seizure shall not be violated, and no warrant shall be issued, except on grave suspicion (…).”
But the judge relied on a recent ruling from The Supreme Court in the United States, in a similar case against the US tax authorities, concluded on May 18, 2023, to be precise:
“As the Supreme Court recently affirmed, ‘To track down unpaid taxes and the people who owe them, Congress has given the IRS broad discretion to issue warrants. The IRS actions at issue in this case fall within that wide latitude , and Harper is not entitled to protection (…) For the reasons stated above, the defendants’ motion to dismiss [les services de l’IRS] is given. (…) Case closed.’ »
Extract from the Court’s decision
As one might suspect, is door is therefore wide open for government authorities to view customer data on centralized crypto exchanges such as Coinbase. The services of the Biden administration therefore live up to the latter’s latest promises: “I will not accept an agreement that protects (…) crypto traders” (Joe Biden).
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