While the American taxman intensifies his hunt for cryptocurrencies, Elon Musk opposes a new offensive against the privacy of users. He challenges the Supreme Court to prevent the IRS from accessing the financial data of thousands of Coinbase customers. What relaunch the debate on confidentiality in the Crypto universe.
Elon Musk goes up to the niche against the IRS
Elon Musk, through his company X, challenged the United States Supreme Court on Tuesday, April 2 to prevent the Internal Revenue Service (IRS) to access sensitive financial data Coinbase users. This approach follows a court decision which has just authorized the IRS to obtain the transactions of more than 14,000 users Suspected of not having declared their gains in cryptocurrencies.
Lawyers of company X, in a file submitted last week, believe that such a measure is assimilated to a “Unjustified intrusion” violating the constitutional rights of American citizens.
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Lawyers of the Elon Musk firm also stressed that the Constitution prohibits ” THE Mandate searches customer files held by third -party providers »especially when the latter have contractually promised confidentiality to their users. Indeed, the notion of confidentiality of transactions is very important in the world of crypto.
X did not speak without reason: society sees in this case the opportunity to “Restoring the appropriate relationship between the government and companies like Coinbase and X Corp., which would no longer be constrained extrajudicially to help the government to violate the rights of the fourth amendment to their users”. The goal is to prevent the state from exercising a unjustified extrajudicial pressure To get around the rights protected by the fourth American amendment.
You should know that X declared to store the subscription and advertising data of its users, private data, and ultimately plans to offer financial services to users.
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The individual freedom in question
This is not the first time that Elon Musk has intervened in questions of individual freedoms linked to new technologies, displaying a clear position in favor of confidentiality. Tesla's boss describes himself as a “Absolutist of freedom of expression”and is not afraid to stand directly against the Supreme Court. He has already done so for limit forced cooperation Social networks with the authorities as part of judicial investigations.
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Today, the stake of this case goes far beyond the particular case of Coinbase: It concerns the entire crypto sectorwhich is increasingly attracting the attention of governments around the world and where regulations are changing quickly.
Indeed, on a global scale, more than 100 jurisdictions have already adopted regulations on cryptocurrencies, whether to prevent money laundering, fraud or financing of terrorism. The Verdict of the Supreme Court in the United States could redefine the limits between tax transparency and user confidentiality.
Source: file submitted
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After training in journalism, I worked for a few years in general press before discovering the world of personal finance and the scholarship. Fallen into cryptos since 2020, I am particularly interested in the decryption of news that influence the Cryptos markets. My goal? Always teach my readers more by providing the most precise and the most just possible information.
Justine Ferrari
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