The coinbase situation doesn't affect everyone trading more than $20k on coinbase, it is specific to those users trading above $20k between 2013 - 2015. Only about 14,000 accounts will be disclosed. Doubtful that this was the cause, especially since it is actually more of a victory for coinbase than loss when you think the IRS initially wanted access to every account that traded between 2013 and 2015.
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Yes good points. I didn't go into the exact details in my post, but left the link up there for anyone that wanted to dive in. I did read that Coinbase felt it was a partial win for them, though I am not sure I would go that far. I don't think they were ever in danger of having to turn over ALL records... but maybe that is just me being optimistic. :)
Thanks for pointing these points out though!
Figured I would help out those too lazy to click the link ;)
Yeah, the IRS trying to get access to every account was a BIG reach for sure. If the courts allowed that to happen they would have opened up a huge mess for every single exchange, crypto or fiat, in the US.
Personally I think this could be a big move in furthering the legitimacy of Crypto in the eyes of everyday people. At some point regulation is going to catch up and I think it is going to give a lot of people that are wary of crypto a better feeling that this is a legitimate asset class.
Yep, my thoughts exactly as well. :)