I wasn't shocked that Coinbase is about to be raided. Who on Coinbase didn't know that everything they did was going to be surveilled? That's what it means to work with a regulated exchange. The coming negotiations between Coinbase and the IRS.
Transcript
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yes Paul questions no just one question make it pick the best one what do you think about the recent news in America the authorities demanding all the data from coinbase so first I was absolutely shocked surprised and dismayed that coinbase was raid or is about to be no I'm not I mean come on who trading on coinbase didn't know that everything they were going to do is going to be surveilled by multiple people that's part of working with a regulated exchange means and I'm a coinbase customer so yes absolutely I knew this was coming and I paid my taxes right um interestingly enough this story isn't over yet what we've seen so far just for those who are interested in the legal Insider stuff is that the the the initial judge who um had to judge uh who had to rule on the petition by the government to serve coinbase with a subpoena accepted that petition that doesn't mean that it's done that means now the IRS gets to file a subpoena that subpoena then will immediately face a motion to quash by coinbase they've already said they're going to do that and then the negotiation begins right and the IRS like any organizations that involved in litigation like this on a big scale right they they set a negotiating position right their opening request was give us everything since the beginning of time right and coinbase is probably going to file a motion that says how about nothing and then they're going to say well how about just these customers for a few years and then coin going to go back and say how about nothing plus something and then after a few months of negotiations and motions and counter motions they're going to arrive at narrowed scope um so it's not over and we're going to see some interesting uh legal activity in this particular space but honestly if you were trading on coinbase you shouldn't be on any custodial exchange on any system that has uh know your customer and anti anti-money laundering rules you are playing in the system and quite honestly if you live in a western democracy where the system is not currently trying to eat you um then maybe you should be playing in the system maybe that's okay uh some people don't have that luxury they don't even have a coinbase right and and it's I I think it's a bit hypocritical to blame coinbase for this uh if anybody was thinking that way