Court Orders IRS to Narrow Scope of Summons
IRS, keep your hands off our crypto!
Court Orders IRS to Narrow Scope of Summons on Bitcoin Investor’s Transaction Records
A US federal judge has rejected a petition from a Washington state resident to prevent the US Internal Revenue Service (IRS) from obtaining information regarding his Bitcoin (BTC) holdings from the US subsidiary of European digital asset exchange Bitstamp.
Instead, according to a ruling made public on November 26, US District Court Judge John Coughenour from the Western District of Washington has asked the IRS to reduce the scope of the summons it sent to Bitstamp.
The judge rejected two main arguments made by the petitioner, including the claim of a right to financial privacy under the US constitution and the claim that intermediaries cannot be trusted to protect users’ personal data.