U.S. Government Pushes Back Against Coinbase User in Landmark Bitcoin Privacy Case

In a pivotal development for cryptocurrency regulation, the U.S. government has urged the Supreme Court to dismiss a privacy challenge brought by Coinbase user James Harper. The case, which could set significant precedents for Bitcoin and crypto asset oversight, centers on whether the IRS can access user trading records without explicit consent. Federal attorneys contend that Harper forfeited Fourth Amendment protections by voluntarily sharing his data with the exchange. This legal battle originates from a 2016 IRS probe that revealed systemic underreporting of cryptocurrency gains during Bitcoin's early mainstream adoption phase. The outcome may redefine privacy expectations for digital asset investors and shape future tax enforcement strategies in the rapidly evolving crypto economy.

U.S. Urges Supreme Court to Dismiss Coinbase Privacy Case Over IRS Crypto Probe

The U.S. government has petitioned the Supreme Court to reject a privacy challenge from Coinbase user James Harper, who seeks to block IRS access to his cryptocurrency trading records. Federal attorneys argue Harper waived Fourth Amendment protections by voluntarily sharing data with the exchange. The dispute stems from a 2016 IRS investigation that uncovered widespread underreporting of crypto gains when Bitcoin traded at $103,447.

Legal filings reveal the IRS employed a 'John Doe' summons to compel Coinbase's disclosure of high-volume traders' information—a MOVE lower courts deemed lawful since records belonged to the exchange, not users. Government counsel cited precedent from United States v. Miller, asserting no expectation of privacy exists for third-party financial data.

Crypto’s Satoshi Nakamoto Briefly Surpasses Bill Gates in Wealth as Bitcoin Soars

Bitcoin's enigmatic creator, Satoshi Nakamoto, momentarily eclipsed Bill Gates on the global wealth rankings as BTC reached new highs. Nakamoto's purported 1.1 million BTC stash—worth $113.8 billion at peak—propelled them to 12th place, surpassing Gates' $112.9 billion fortune. The rally was fueled by Optimism around U.S.-China trade relations.

The milestone proved fleeting. Bitcoin's subsequent pullback dropped Nakamoto's estimated net worth to $114 billion by May 31, 2025, while Gates' wealth climbed to $166.3 billion. The event reignited fascination with crypto's most famous anonymous figure and their untouched fortune.

Nakamoto's identity remains cryptography's greatest unsolved puzzle. Since Bitcoin's 2009 launch, speculation has swirled around potential candidates, yet the creator's silence persists—leaving their staggering wealth permanently parked in dormant wallets.

Czech Justice Minister Resigns Amid Bitcoin Donation Scandal

Czech Justice Minister Pavel Blazek stepped down following backlash over a bitcoin donation worth approximately $45 million to his ministry. Reports suggest the funds may be linked to a convicted drug trafficker, raising ethical concerns and prompting a state investigation.

Blazek defended the donation's legality but resigned to protect the government's reputation. Prime Minister Petr Fiala's coalition, already trailing in polls ahead of October elections, faces heightened scrutiny over the incident.

The scandal highlights growing tensions between cryptocurrency adoption and regulatory accountability in government operations. Bitcoin's pseudonymous nature complicates tracing illicit funds, fueling debates about institutional crypto acceptance.

NYC Comptroller Rejects Mayor Adams' Bitcoin-Backed Bond Proposal

New York City Comptroller Brad Lander has sharply criticized Mayor Eric Adams' proposal to issue municipal bonds backed by Bitcoin, labeling the plan as "legally dubious and fiscally irresponsible." The rebuke comes just days after Adams pitched the so-called "BitBond" initiative at a cryptocurrency conference in Las Vegas.

Lander, who co-manages the city's debt issuance, argued that cryptocurrencies lack the stability required to finance critical infrastructure projects. "Cryptocurrencies are not sufficiently stable to finance our city’s infrastructure, affordable housing, or schools," he stated. The Comptroller warned the move could undermine investor confidence and potentially violate federal tax laws.

The proposal forms part of Adams' broader strategy to establish New York as a global cryptocurrency hub. Since taking office, the mayor has converted portions of his paycheck to cryptocurrency and established a digital asset advisory council. However, Lander maintains the city's financial systems remain dollar-based, lacking mechanisms to convert Bitcoin for public expenditures.

Brazilian Fintech Méliuz Launches $78M Equity Offering to Buy Bitcoin, Shares Drop

Brazilian fintech firm Méliuz (CASH3) is making a bold move into cryptocurrency with a public share offering aimed at raising up to R$450 million ($78 million). The company plans to allocate the entire proceeds to Bitcoin purchases, signaling a strategic shift toward digital assets as treasury reserves.

The offering includes an initial issuance of 17 million common shares, expandable to 51 million if demand warrants. Shares will be sold exclusively to professional investors in Brazil and abroad, with each purchase including subscription warrants for future equity acquisitions.

Market reaction was immediate—shares plunged as investors weighed the high-risk, high-reward nature of the bet. Méliuz had previously disclosed a 10% BTC allocation in March, but this full-scale treasury pivot marks a watershed moment for Latin American fintechs embracing crypto.

Texas Senate Approves Final Version of Bitcoin Reserve Bill SB21

The Texas legislature has reached a decisive milestone in cryptocurrency adoption with the final approval of Senate Bill 21. The reconciled version passed both chambers—110-25 in the House and 24-7 in the Senate—clearing the path for Governor Greg Abbott's signature. This legislation authorizes the creation of a state-backed Bitcoin reserve under the oversight of the Texas Comptroller of Public Accounts.

The Strategic Bitcoin Reserve (SBR) will exclusively hold BTC, positioning Texas as a pioneer in sovereign digital asset holdings. This move aligns with a growing trend among U.S. states establishing crypto reserves, though Texas distinguishes itself through its single-asset focus on Bitcoin. The five-member advisory committee will provide governance for the reserve's operations.

Market observers note the decision to exclude altcoins reflects conservative treasury management principles. The development signals institutional validation of Bitcoin's store-of-value proposition, potentially influencing other state treasuries to consider similar allocations.