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Members of the cryptocurrency community are not the only ones frowning upon the IRS's "John Doe" Summons to Coinbase. The United States Congress has boldly stood up to the U.S. Internal Revenue Service's attempt at browbeating the digital currency exchange into handing over 500 thousand customers' data. Last week, Congress wrote a letter to IRS Commissioner, John Koskinen, expressing its concerns and questioning the tax agency's actions. Congress explicitly pointed out in the letter that almost all of the users they are seeking account information on did not need to report income to begin with, stating, "90 percent of these customers engaged in less than $10,000 in cumulative, gross transactions during the entire period requested." The U.S. Congress  emphasized : "...we strongly question whether the IRS has actually established a reasonable basis to support the mass production of records for half of a million people, the vast majorit

If you’re a Bitcoin user, the IRS’s probe into Coinbase may give you the feeling your freedom and anonymity are hanging in the balance. Due to the IRS’s attempt to collect a massive amount of data on Bitcoin users, many are wondering what the agency's true motives are and what could unfold if Coinbase sells out 500 thousand users. Overview of the Witch Hunt In November of 2016, the U.S. Department of Justice approved the IRS’s “John Doe” summons to Coinbase which requested all records from 2013-2015 U.S. users. The IRS started getting suspicious of Coinbase when it discovered two individuals who were not being honest on their taxes. After realizing they were both Coinbase users – and earning millions – the witch hunt began. So far, the digital currency exchange has yet to comply with the summons, (since its last update on  March 16, 2017 ). Coinbase users have been standing their ground as well. Jeffrey Berns, a Coinbase user and attorney, has tried to stop the IRS