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The trial between the US Internal Revenue Service and Bitcoin

Bitcoin Trial IRS News

US Internal Revenue Service has issued an order to hand over records of all transactions that have taken place from 2013 to 2015.

Last week in California Coinbase filed court documents supporting the IRS a call request, which argued that the order of the tax authority was too broad and could incriminate customers who have done nothing wrong.

In its filing, Coinbase asked a federal judge to postpone the hearing in San Francisco until March, so the company will have enough time to prepare a response.

Although in December the District Court of Northern California allowed the IRS to require the Coinbase submit records of their transactions with customers as part of investigations into possible tax fraud committed by US residents, who are engaged in business activities through Bitcoin service. The ministry of Justice asked to submit information about clients who use Koinbase services, but there is no request for specific people.

Jeffrey Burns Koinbase lawyer calls the actions of the US YRS not legal because it was not called a single person, for whom it is necessary to provide information.

Now, Coinbase CEO Brian Armstrong is questioning why Coinbase-which he says has cooperated with the IRS in the past-appears to be the only exchange targeted by the tax agency.

"If the IRS were to approach Citibank, Fidelity or Paypal and ask them to turn over all customer records, they would rightfully push back. And I feel we have the same obligation to do so, "Coinbase CEO Brian Armstrong wrote in a blog post. "Asking for detailed transaction information on so many people, simply for using digital currency, is a violation of their privacy, and is not the best way for us to accomplish our mutual objective."

Koinbase hopes that by March to prepare more arguments in defense of their clients.

Litigation between Coinbase and IRS affects the price of Bitcoin, today the price for 1 BTC is $899.

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