Thu, 15 Dec 2016

Coinbase User (Also, Class Action Lawyer) Files To Intervene In Case Where IRS Wants Info On All Coinbase Users

Furnished content.


We've written a bit about how the IRS is trying to force Coinbase to hand over information on all its users, because it's discovered some evidence of at least one person using Bitcoin, via Coinbase, as a tax dodge. While the demand seems massively overbroad, so far the judge has allowed it to move forward. Coinbase has indicated that it will fight back on behalf of users, but nothing definitive has been done yet -- which has some Coinbase users feeling uncomfortable. At least one has now filed to intervene in the case, in order to seek to quash the summons.

Now, where this gets slightly more interesting is the fact that the individual filing, Jeffrey K. Berns, is a managing partner of a class action law firm that has his name on the masthead. The firm does seem to be focusing on building up a reputation in the cryptocurrency world, with a blog dedicated to the topic and much of the firm's recent press relating to issues on cryptocurrencies. So it appears that some of the decision to intervene here may be a bit of brand building, as the firm seems to want to be the go-to player for legal issues dealing with cryptocurrencies. At the very least, that may raise some questions about the motivations behind the filing here -- but it does seem like some objections should be raised to allowing a grand fishing expedition by the IRS.

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