IRS Cleared To Seek Info On Circle's Crypto Customers

Law360 (April 1, 2021, 8:38 PM EDT) -- A Massachusetts federal court will let the Internal Revenue Service seek identifying information on some of Circle's major cryptocurrency customers, the U.S. Department of Justice said Thursday.

The so-called John Doe summons would request information about U.S. taxpayers with at least $20,000 in cryptocurrency transactions from 2016 to 2020, the announcement said. The IRS is pursuing records for those who "engaged in business with or through" Circle Internet Financial Inc. and its affiliates, the announcement said.

The summons seeks identifying information about the users as well as documents related to their transactions, according to the DOJ's announcement, which also noted Circle...

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