Is Coinbase monitored by IRS?

Could you clarify for me, are transactions made through Coinbase, a popular cryptocurrency exchange, subject to monitoring by the Internal Revenue Service (IRS) of the United States? I'm curious to understand if the IRS keeps tabs on cryptocurrency transactions processed by this platform, especially given the increasing popularity and value of digital currencies like Bitcoin and Ethereum. Is there a legal obligation for Coinbase to report user transactions to the IRS, or is there a different process in place for ensuring tax compliance on cryptocurrency gains and losses?