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IRS Can Access Your Coinbase Trade Records, John Doe Summons Valid

Key Takeaways

  • The U.S. District Court of New Hampshire ruled in favor of the IRS, ruling that John Doe Summons do not violate U.S. constitutional rights.
  • The ruling claimed that private citizens are not allowed to sue the IRS for suspected tax violations.

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A U.S. Federal court has confirmed that the Internal Revenue Service (IRS) holds the authority to demand user data from Coinbase, a leading cryptocurrency exchange. The verdict dismissed constitutional objections raised by James Harper, an early cryptocurrency trader, according to the official case file. 

Harper’s lawsuit against the IRS, its former commissioner Charles Rettig and ten agents claimed infringement of rights through a “John Doe” summons. A John Doe summons is when the IRS requests — or demands — information about an anonymous taxpayer, usually one that holds funds in an off-shore bank account, according to the IRS.

Referencing the 2021 Supreme Court ruling of CIC Services LLC vs. IRS, the U.S. District Court of New Hampshire ruled that the IRS’s powers, granted by Congress, meant Harper had no extra protections or relief. Harper had previously argued this request violated his Fourth and Fifth Amendment rights, according to the case file. The court document further confirms this, stating: 

“As for Harper’s statutory claim, the statute at issue does not expressly or impliedly provide taxpayers with a private right to sue the IRS for purported statutory violations.”

Despite resistance from Harper, Coinbase reportedly had to release its top users’ data in response to a summons against the exchange. The IRS took action against Harper’s failure to declare his crypto trades in 2013 and 2014.

On September 22, 2022, U.S. District Judge Paul G. Gardephe authorized the IRS to issue a John Doe summons to M.Y. Safra Bank in an effort to identify U.S. taxpayers who might have failed to fully report their cryptocurrency transactions. 

This John Doe summons is specifically targeting customers of the cryptocurrency prime broker, SFOX, who availed themselves of M.Y. Safra Bank’s services for their digital currency dealings. 

“The John Doe summons directs M.Y. Safra to produce records that will enable the IRS to identify U.S. taxpayers who were customers of SFOX and who engaged in cryptocurrency transactions that may not have been properly reported on tax returns.”

Deputy Assistant Attorney General David A. Hubbert stated in response, “taxpayers who transact with cryptocurrency should understand that income and gains from cryptocurrency transactions are taxable. The information sought by the summons approved today will help to ensure that cryptocurrency owners are following the tax laws.”

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#IRS #Access #Coinbase #Trade #Records #John #Doe #Summons #Valid

Mufson leaving Washington Post after 34 years

Steven Mufson

Washington Post reporter Steven Mufson, who covers the business of climate change, is leaving the paper after 34 years.

He still plans to write for the paper on a freelance basis.

Since joining The Post in 1989, he has covered economic policy, China, diplomacy, energy and the White House. He has also been an editor in the Outlook section. Earlier, he spent six years working for the Wall Street Journal in New York, London and Johannesburg.

In 2020, he shared the Pulitzer Prize for a climate change series “2C: Beyond the Limit.”

Mufson is a graduate of Yale University.

#Mufson #leaving #Washington #Post #years

Minera IRL Announces Filing of Annual Filings

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LIMA, Peru, May 31, 2023 (GLOBE NEWSWIRE) — Minera IRL Limited (“Minera”, the “Company” or “we”) (BVL:MIRL) (CSE:MIRL) (FWB:DZX) (OTCQB:MRLLF) is pleased to announce that it has filed today on SEDAR and with the Lima Stock Exchange the Company’s audited annual consolidated financial statements, management’s discussion and analysis and the required certifications for the year ended December 31, 2022.

On behalf of the Board of Directors of Minera IRL Limited

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Gerardo Pérez
Executive Chairman

Diego Benavides
CEO and Director


Minera IRL Limited

Susan Gabbie
Manager, Communications
+51 1 418 – 1230

Pedro Valdez
Head of Investor Relations
+51 1 418 – 1230

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

#Minera #IRL #Announces #Filing #Annual #Filings

Did The US SEC Just Endorse Ethereum After This Settlement?

On May 30, the United States Securities and Exchange Commission (SEC) announced that Ishan Wahi, the former Coinbase product manager, and his brother, Nikhil Wahi, had agreed to settle charges brought forth by the regulator accusing them of engaging in an insider trading scheme.

SEC Settlement With Former Coinbase Product Manager

In this way, the two defendants also agreed that their actions violated Section 10(b) of the Securities Exchange Act. 

Accordingly, Ishan has been sentenced to two years in prison, while his brother, Nikhil, will serve ten months behind bars.

In a statement, the SEC also said the former Coinbase product manager forfeited 10.97 ETH and 9,440 USDT. On the other hand, Nikhil has submitted to the state 892,500 USDT. 

This is part of the settlement and forfeiture of securities the SEC said were ill-gotten.

The case was settled roughly a year after the SEC filed the suit at the District Court for the Western District of Washington, accusing the former Coinbase product manager of using confidential information to benefit from trading crypto assets, most of which, the regulator claims, were securities.

According to the Director of the SEC’s Division of Enforcement, Gurbir S. Grewal, their actions amounted to insider trading. Grewal stated:

While the technologies at issue, in this case, may be new, the conduct is not. We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple.

How Will The SEC Handle Ethereum?

While the SEC succeeded, questions are being asked about how the regulator will allow the forfeiture of those digital assets, including Ethereum, in a way that the regulator considers legal and lawful. 

Though there is an argument that all assets received from the two brothers will be forfeited to the Department of Justice (DoJ), some maintain that the SEC must first confirm receipt.

Recently, Gary Gensler, the chairman of the SEC, failed to clarify whether Ethereum, like Bitcoin, is a commodity that should be treated as a property and its capital gains tax.

While in front of the House Financial Services Committee, Gensler repeatedly said the agency was learning more about Ethereum. 

This didn’t help ETH since a clear endorsement from the SEC, the principal regulator, could lead to regulatory clarity, possibly driving prices and on-chain activity.

Ethereum Price On May 31| Source: ETHUSDT On Binance, TradingView
Ethereum Price On May 31| Source: ETHUSDT On Binance, TradingView

SEC’s position differs from the Commodity Futures Trading Commission (CFTC), which classifies Bitcoin, Ethereum, and Litecoin as commodities, not securities.

Still, a statement from the SEC declaring ETH a commodity is much awaited by the community and could help prices. In late 2020, the SEC sued payment company Ripple and its executives, claiming XRP is an unregistered security. A ruling on this case is expected in the coming few months.

Feature Image From Canva, Chart From TradingView

#SEC #Endorse #Ethereum #Settlement

Singapore to Expand Free Wi-Fi to All Cabins

Singapore Airlines beginning July 1 will offer free unlimited Wi-Fi access in all cabin classes to passengers who are members of its KrisFlyer loyalty program, the carrier announced Wednesday. The service will be available on all Singapore aircraft except seven Boeing 737-800 NGs that are not Wi-Fi enabled.

Suites, first-class and business-class customers as well as PPS Club members already have access to free unlimited Wi-Fi. Since February, KrisFlyer members in premium economy and economy classes have had limited-hour plans available.

To access the service, customers need to enter their KrisFlyer details at the point of booking through the Manage Booking online option or at check-in, according to the carrier. 

The move is similar to one made by Delta Air Lines earlier this year in which it began offering free Wi-Fi to its SkyMiles members. Emirates and Etihad this year have also extended complimentary Wi-Fi features to loyalty program members.

RELATED: Singapore Adds Complimentary Wi-Fi

#Singapore #Expand #Free #WiFi #Cabins

OPEC has not invited Reuters, Bloomberg to report on weekend policy meets

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(Adds two WSJ reporters not receiving invites in paragraph 5)

DUBAI/LONDON, May 31 (Reuters) –

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OPEC has not invited Reuters or Bloomberg news agencies to report on ministerial meetings in Vienna this weekend to discuss future oil policy, according to reporters, Bloomberg and an OPEC source on Wednesday.

Ministers from the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+ that includes top producers Saudi Arabia and Russia, are scheduled to gather on Saturday and Sunday for a regular biannual meeting. The group pumps more than 40% of the world’s oil supply.

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The Reuters text journalists that cover meetings and are registered with OPEC as members of the press have not received an invite to cover the event.

OPEC has also not offered accreditation to Bloomberg to cover the meeting, a Bloomberg News spokesperson said on Wednesday.

Two reporters from the Wall Street Journal who regularly cover OPEC have also not received invites, people familiar with the matter said. The Journal did not respond immediately to requests for comment.

Reuters has not received a response to a request for comment from OPEC on why it has not sent invitations to Reuters reporters to cover the meeting.

“We are disappointed that Reuters has not been invited,” said a Reuters spokesperson.

“We have reached out to OPEC for clarity on the matter. We believe that a free press serves readers, markets and the public interest.”

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Without an invitation, journalists will not receive accreditation to enter the OPEC Secretariat where the ministers meet, or attend the press conference at the end of the event, an OPEC source said.

The Financial Times reported in a story on Wednesday that it had received an invite.

Reporters at some other media outlets including CNBC, and pricing agencies Argus and Platts said they have received invitations to cover the meetings. Argus, Platts and CNBC did not respond immediately to requests for comment.

“Please note that this invitation is exclusive to the recipient,” said an invitation from OPEC’s Public Relations Department seen by Reuters and sent to a journalist at another media outlet. Reuters saw invites to two outlets. (Reporting by Maha El Dahan, Alex Lawler, Dmitry Zhdannikov, Rowena Edwards, Ahmad Ghaddar; editing by Simon Webb and Marguerita Choy)


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#OPEC #invited #Reuters #Bloomberg #report #weekend #policy #meets

The Debate Around “Cursed” Ordinal Inscriptions

After only four months since the protocol was launched, ord has its first contentious debate about what are known as “cursed” inscriptions.

The simplest definition of a cursed inscription is any inscription that does not currently get indexed and identified by ord. This term came about as a catchall when some people incorrectly used or purposefully misused opcodes to create inscriptions that were not able to be indexed by ord and would therefore be unrecognized and not given an inscription number.

This issue was first mentioned on April 25 in the ord github and the interim fix proposed by then lead developer Casey Rodarmor was to, “Modify ord to recognize the above currently invalid inscriptions, including retroactively in old blocks, but consider these new inscriptions ‘cursed’ and assign them negative inscription numbers.”

Funnily enough, the example inscription code on the Ordinals docs website would have been a cursed inscription.

Link to embedded Tweet.

There are many ways cursed inscriptions can be created. Any inscription with multiple inputs/outputs would be considered cursed. As shown above, certain misuse of opcodes such as OP_1 can lead to cursed inscriptions. Alternatively, the introduction of OP_66 using a value of “cursed” intentionally made these types of inscriptions by having an even numbered opcode which is not indexed by ord. Unless already defined in the spec, even numbered opcodes are not recognized because they are reserved for future protocol development. The full list of ways to create cursed inscriptions from issue #2045 is as follows:

  • Multiple inscriptions per transaction, for efficient batching.
  • Inscriptions on inputs after the first, which is useful for collections.
  • Multiple inscriptions on the same sat, so that the entire history of a sat doesn’t need to be checked to determine if a new inscription is valid.
  • Inscriptions with unrecognized even headers, so that new even headers don’t cause upgraded clients to disagree about inscription numbers.

There are a couple specific debates around cursed inscriptions. One of the disputes comes from the way that these inscriptions are currently numbered. Cursed inscriptions are numbered negatively in the order of their creation. Because of this numbering system and naming convention, some people purposefully chose to create inscriptions and collections that appear “cursed” whether by flipping the image of a positively numbered inscription or using a more sinister image theme when inscribing. The question is: Should these be appended to the index of positively numbered inscriptions or should they keep their negative inscription number when the code is updated?

Additionally, another contentious conversation is what to do about the certain type of cursed inscriptions that used the OP_66 opcode in their creation. Because this opcode is not recognized by ord and even numbered opcodes are intentionally left out for future development use, it is debatable whether inscriptions using this opcode should be included in the cursed set or if they should be rejected.

At the present time, the issue around the even number opcode is listed in the ord github. There are many comments in support of including these inscriptions in the index, but the lead maintainers of the protocol seem to be against it. As of now, the current stance by the developers is that these inscriptions would be unbound, meaning that they would not be assigned to a specific satoshi.

Remember, ordinal theory works based on a first in, first out tracking system for satoshis. Each inscription is assigned to the first satoshi in the genesis transaction when the inscription is created. This type of lens for looking at bitcoin allows images, files, text, etc. to be tracked and transferred. If a cursed inscription is unbound, it would not be associated with a specific satoshi and therefore would be unable to be transferred to another address. Many people who are inscribing are hoping to be able to sell or transfer their inscription to another person. While the inscriptions using this opcode will live forever on the Bitcoin blockchain, if these inscriptions are classified as unbound and unassigned to a specific satoshi, users who minted cursed inscriptions using this opcode would be unable to sell or transfer them.

Herein lies one of the bigger concerns for people who are spending money on transaction fees to create cursed inscriptions. If they are unable to sell them in the future, significant funds would have been wasted on fees. Many users have responded to the github issue, expressing support for including these inscriptions, but the code’s maintainers are not in favor of recognizing cursed inscriptions using the OP_66 even numbered opcode.

On May 30, the new lead maintainer of ord, Raphjaph, wrote, “As the protocol currently stands inscriptions are not valid if they use an unrecognized even tag, so this change already makes a concession by recognizing them. For now they are unbound but we might reconsider this and bind them in the future if there are strong reasons.”

This response is not what many inscribers were hoping to hear. Similar to Bitcoin, ord is open-source software so users can fork the code if they wish to recognize these specific types of cursed inscriptions. This contentious debate is ongoing and the path forward for ord remains to be seen. Users who spent significant sums on transaction fees may be willing to switch to a new version of ord that will recognize their cursed inscriptions, but this is only a theoretical path forward at this time.

Regardless, Ordinals are a new technology being built on Bitcoin. Whether inscriptions are a flash in the pan or if they have lasting power may depend on how this issue gets resolved.

#Debate #Cursed #Ordinal #Inscriptions

Pan American Silver Releases 2022 Sustainability Report

VANCOUVER, British Columbia–(BUSINESS WIRE)–Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) today released its 2022 Sustainability Report (the “Report”) describing Pan American’s approach and performance in the areas of environment, social and governance (“ESG”) in 2022. The Report also includes our 2023 goals for ESG performance. A Spanish version of the Report will be released shortly.

Highlights of Pan American’s 2022 ESG performance include:

Remote file
  • Reduced greenhouse gas (“GHG”) emissions by 19% compared to the 2022 base case1.
  • Reduced water use by 14% compared to the 2022 base case1.
  • Secured renewable energy supply at both our operations in Mexico.
  • Invested $14.7 million in local communities. In addition, Pan American spent approximately $1.4 billion on wages, supplies, services and taxes, benefiting the national, regional and local economies where our operations are located.
  • Launched ‘Future PAAS’, a one-year professional internship program designed to attract and develop young talent for careers at Pan American.

(1) The 2022 base case was our projected 2022 water use, energy use, GHG emissions, and waste generation, as calculated using our life of mine plans adjusted for annual production guidance.

The Report has been prepared in accordance with the Global Reporting Initiative (“GRI”) Standards, including the GRI Mining & Metals Sector Disclosures, and the Sustainability Accounting Standards Board (“SASB”) Standard. The Report also takes into consideration the Taskforce on Climate-related Financial Disclosures (“TCFD”) framework.

The acquisition of Yamana Gold Inc. (“Yamana”), which was completed on March 31, 2023, will allow Pan American to leverage the best sustainability practices of both companies and to enhance the development of long-term ESG goals. The 2022 Report focuses on the assets that the Company owned in 2022 and excludes reporting on any of the assets acquired from Yamana. The 2023 Sustainability Report, which will be issued in 2024, will incorporate information on the assets from the Yamana acquisition.

The 2022 Report marks the 13th annual Sustainability Report published by Pan American. For more information on Pan American’s sustainability efforts and to access all reports, visit

S&P Global ranks Pan American in the top 10%

Pan American’s ESG performance in 2022 was recognized by S&P Global, which placed Pan American in the top 10% in the Metals & Mining industry in 2022, and included Pan American in the S&P Global Sustainability Yearbook 2023. This Yearbook aims to distinguish individual companies, within their industries, that have demonstrated strengths in corporate sustainability. Our improvements in ESG were also noted by Sustainalytics and Institutional Shareholder Services (ISS).

ESG Investor Conference Call – Save the Date

Pan American is planning to host its annual ESG call on September 28, 2023. Further details will be provided closer to the date.

About Pan American Silver

Pan American is a leading producer of precious metals in the Americas, operating silver and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile and Brazil. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for nearly three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “PAAS”. Learn more at


Brent Bergeron

Senior VP, Corporate Affairs & Sustainability

Ph: 604-684-1175

Email: [email protected]

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: [email protected]

#Pan #American #Silver #Releases #Sustainability #Report