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Supreme Court Declines to Take Up Coinbase User Data Privacy Case

Published

3 месяца ago

30 июня, 2025

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The U.S. Supreme Court has declined to take up a long-running privacy case involving an Internal Revenue Service (IRS) request for data on thousands of Coinbase customers.

In a Monday order, the justices denied a petition for a writ of certiorari — essentially, a green-light to appeal an appellate court’s decision — from a Coinbase customer who said that the IRS’s 2016 records grab violated his Fourth Amendment rights, which grant Americans protections from unreasonable searches and seizures by the government.

The plaintiff, James “Jim” Harper, initially filed suit against the IRS in 2020, nearly a year after he and thousands of other Coinbase customers received letters from the IRS, warning them that they potentially failed to report income and pay the resulting tax from crypto transactions, or that they did not report their transactions properly.

In his suit, Harper claimed that the IRS’ so-called “John Doe summons” — which the agency uses to sniff out potential tax violations by unknown individuals by forcing financial institutions to provide them with records and other information the agency can use to identify potential violators — against Coinbase was unconstitutional.

“Where once it lacked the authority to peek into a person’s private papers even with the use of a subpoena, the Internal Revenue Service has now acquired the power to demand access to anyone’s private information without any judicial process,” Harper’s lawyers wrote in their suit. “IRS demands access even when a person has entered into a contract with a third party that promises to protect his private information from such intrusion.”

In 2021, a New Hampshire district court tossed out Harper’s suit, siding with the IRS. Harper appealed, and in 2023, a different New Hampshire district court judge once again sided with the IRS and dismissed the case, writing: “As the Supreme Court recently reaffirmed, “[t]o pursue unpaid taxes and the people who owe them, ‘Congress has granted the Service broad latitude to issue summonses.’The IRS’s actions at issue in this case fall squarely within that broad latitude, and Harper is not entitled to protection or relief beyond the existing Congressionally and judicially imposed “safeguards” and checks on the IRS’s powers.”

Harper appealed again, and in 2024, a U.S. appeals court affirmed the lower court’s decision to toss the case. In February, Harper filed a petition for a writ of certiorari with the Supreme Court, his last chance to get a different result in the long-running legal battle.

Since Harper’s petition was filed in February, a slew of high-profile think tanks and companies including Coinbase and X filed amicus briefs in the case, arguing that the Supreme Court should take the case and review the so-called third-party doctrine, a legal principle dating back to a 1976 Supreme Court decision stating that individuals have no reasonable expectation of privacy for information voluntarily shared with a third party, meaning that government agencies can access such information without a warrant or probable cause without violating the Fourth Amendment.

However, the Supreme Court was unmoved. It provided no additional information or justification for its Monday order denying Harper’s petition, writing simply:

“The petition for a writ of certiorari is denied.”

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

6 часов ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

6 часов ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

6 часов ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.