According to @DowdEdward, the U.S. Supreme Court has declined to review a case challenging the Internal Revenue Service's (IRS) authority to obtain user data from Coinbase, a decision with significant implications for cryptocurrency traders. The case stemmed from a 2016 "John Doe summons" where the IRS demanded records for thousands of Coinbase customers to identify potential tax evaders. The plaintiff, James Harper, argued this violated his Fourth Amendment rights, but lower courts consistently sided with the IRS, citing the agency's broad latitude to pursue unpaid taxes. The Supreme Court's denial solidifies the legal precedent, known as the third-party doctrine, which states that individuals have no reasonable expectation of privacy for information voluntarily shared with third parties like exchanges. For traders, this ruling confirms that their transaction data on platforms like Coinbase is accessible to the IRS, underscoring the critical importance of accurate tax reporting to avoid potential audits and penalties.

According to @iampaulgrewal, the U.S. Supreme Court has declined to review a case challenging the Internal Revenue Service's (IRS) authority to access extensive user data from Coinbase. The source states that this decision effectively upholds the 'third-party doctrine,' meaning traders have no reasonable expectation of privacy for information shared with centralized exchanges. This development reinforces the IRS's power to issue a 'John Doe summons' to investigate potential tax violations among crypto users. The author also critiques major crypto entities like Coinbase for drifting from cypherpunk principles by engaging in political lobbying and sponsorships, arguing it undermines the industry's foundational ethos of decentralization. This news coincides with a slight market downturn, with Bitcoin (BTC) trading around $106,403 (-1.11%) and Ethereum (ETH) near $2,436 (-1.17%) over the past 24 hours, based on the provided data.