The US Supreme Court has ruled that the IRS can access transaction data from Coinbase users, raising questions about privacy and the regulation of cryptocurrency.
Court Delay Between IRS and Harper
James Harper, a Coinbase user, filed a lawsuit against the IRS challenging its access to his transaction records. On May 30, 2025, the US Supreme Court sided with the IRS, which has significant implications for cryptocurrency users.
Impact of Ruling on Coinbase Users
The court's ruling primarily affects Coinbase users whose transaction records may become accessible for tax inquiries. This underscores how cryptocurrency is regulated concerning user privacy and data sharing practices.
Privacy Concerns and Future Implications
As a result of this ruling, cryptocurrency advocates express concerns over privacy and data access. This decision may set a precedent for broader government access to personal financial records.
The Supreme Court's ruling confirms that the IRS has legal grounds to access cryptocurrency user data, which may lead to increased scrutiny over financial records and changes in market practices.
