ExchangesRegulations

EFF invited Coinbase to publish reports on the transfer of user data to regulators

The non-profit organization Electronic Frontier Foundation (EFF) has invited cryptocurrency exchange Coinbase to publish reports regarding the provision of user information to regulators.

EFF activist Hayley Tsukayama explained that such documents should indicate which regulators request data from trading floors, how often they do it, and how exchanges interact with departments on this issue. According to Tsukayama, such reporting should be provided not only by Coinbase, but also by all trading platforms.

Tsukayama believes that exchanges must respect confidentiality, because the important factors that attract users are the lack of censorship and anonymity. One of Coinbase’s competitors, the Kraken exchange, already provides information on requests from law enforcement agencies around the world. Tsukayama added that now is the time for Coinbase as well.

“Thanks to the publication of reports on law enforcement inquiries to exchanges, it will immediately become clear to what extent trading floors are fulfilling their promises to protect confidential information. In addition, such reports will clearly demonstrate how the investigative authorities work, ”said Tsukayama.

A few months ago, the IRS signed a contract with Coinbase to use Coinbase Analytics to track cryptocurrency transactions across different blockchains. 

The cryptocurrency community has criticized Coinbase ‘s collaboration with the US government. However, the exchange has clarified that the information provided in Coinbase Analytics is not related to internal Coinbase data and is not linked to personally identifiable data.

As a reminder, Coinbase CEO Brian Armstrong recently revealed that the exchange is working on an Initial Exchange Offering (IEO) platform.

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