Coinbase User Data Access Upheld by US Supreme Court, Reinforcing 1976 Precedent

The US Supreme Court has dismissed an appeal challenging the IRS's authority to obtain cryptocurrency transaction records from Coinbase, reinforcing a 1976 ruling that financial records held by third parties lack Fourth Amendment protection. Coinbase complied with an IRS summons in 2021, disclosing information on over 14,000 users. Privacy advocates argued this constituted an unlawful search, but the court's decision solidifies regulatory access to crypto transaction data under existing legal frameworks. This ruling underscores the growing intersection of cryptocurrency and traditional financial oversight, with implications for user privacy and compliance in the digital asset space.

US Supreme Court Allows IRS Access to Coinbase User Data, Citing 1976 Precedent

The US Supreme Court has dismissed an appeal challenging the IRS's authority to obtain cryptocurrency transaction records from Coinbase. The decision reinforces a 1976 ruling that financial records held by third parties lack Fourth Amendment protection.

Coinbase complied with an IRS summons in 2021, disclosing information on over 14,000 users. While privacy advocates argued this constituted unlawful search, the court maintained established precedent regarding third-party financial records.

The ruling underscores the growing scrutiny of cryptocurrency transactions by tax authorities. As digital asset adoption increases, regulators continue applying traditional financial surveillance frameworks to blockchain-based activities.

BlackRock Expands Ethereum Holdings with $54.8M Purchase

BlackRock, the world's largest asset manager, has acquired 22,058.53 ethereum tokens worth approximately $54.8 million. The transaction, executed via Coinbase Prime, underscores the firm's deepening commitment to digital assets. Blockchain analytics from Arkham reveal the purchase as part of a broader pattern of institutional accumulation, with individual transactions ranging from $23 million to $61 million.

The asset manager now holds an estimated 1.4 million ETH, positioning it among the top institutional holders of the cryptocurrency. Ethereum's market activity remains robust despite price volatility, with futures open interest holding steady NEAR $2,450 and a market capitalization of $295 billion.

This move follows BlackRock's established trajectory in crypto markets, complementing its earlier Bitcoin-related investments. The purchase signals continued institutional confidence in Ethereum's long-term value proposition amid evolving regulatory landscapes.