Blog Digital Currency Perspectives September 06, 2022

Central District of California Authorizes Service of John Doe Summons on Cryptocurrency Dealer

On August 15, 2022, the United States District Court for the Central District of California authorized the IRS to serve a “John Doe” summons on Ox Labs Inc., a cryptocurrency prime dealer doing business as SFOX. The John Doe summons calls for Ox Labs to divulge information about U.S. taxpayers who engaged in cryptocurrency transactions of a total value of at least $20,000 in transactions in any given tax year since 2016 – information the IRS told the court would aid in its investigation of the identities and federal income tax liabilities of those individuals. To learn more about this update, please click here to view a recent alert from Goodwin’s Digital Currency and Blockchain team.

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