Banking Law News

IRS Broke Law in Seizing Virtual Currency Records, Lawsuit Says

July 15, 2020, 10:26 PM

The IRS is holding unlawfully seized financial records of individuals who have held virtual currency, according to a new lawsuit filed Wednesday at a federal district court.

New Hampshire resident James Harper filed the complaint at the U.S. District Court for the District of New Hampshire. He alleged that the IRS violated constitutional and statutory law by issuing a “John Doe” administrative summons to a financial institution for records related to past and current virtual currency holders.

“This case presents the opportunity to correct the course of constitutional law,” Harper said in his complaint.

Harper argued that...

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