Coinbase IRS Update

Today the IRS filed a motion in federal court to compel Coinbase to produce customer personal records pursuant to the government’s “John Doe” summons. This filing, which we have anticipated for several weeks, is part of the ordinary process by which the government enforces a John Doe summons against a recipient. As we stated to our customers in November, Coinbase remains concerned with the indiscriminate and over broad scope of the government’s summons and we have produced no records under the summons.

Our legal team is in the process of reviewing the IRS’s motion. We will continue to work with the IRS to assess the government’s willingness to fundamentally reconsider the focus and scope of the summons. If it does not, we anticipate filing opposition papers in court in coming months. We will continue to keep our customers updated as to status.