Encore: Crypto Wars | Zuckerpunch | 6

Business Wars

Wondery

History, Business, David Brown, Management

4.6 • 13.2K Ratings

🗓️ 24 May 2023

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

It’s 2017, and after months of sky-high price rises, the crypto bubble is about to burst. But as scammers and investor panic crash the market, the Winklevoss twins’ nemesis Mark Zuckerberg is making moves. He’s planning a push into crypto designed to put Facebook at the center of global finance.

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Transcript

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0:00.0	Hey, prime members, you can listen to business wars, add free on Amazon music.
0:04.6	Download the app today.
0:06.8	This series originally aired in 2021.
0:09.6	November 2017, Coinbase Head Office, San Francisco.
0:23.5	In a glass-walled meeting room, CEO Brian Armstrong and his legal chief are checking the damage
0:28.9	from the company's courtroom showdown with the IRS.
0:32.8	The legal chief pushes his chair back and looks up.
0:35.9	Well, it could have been bloodier.
0:39.3	Sure, but it's still not ideal.
0:42.1	The battle began in 2016, when federal tax collectors noticed that only 800 people in the entire
0:48.2	country reported their crypto profits and losses.
0:52.2	The IRS believed thousands had failed to report capital gains tax due on their crypto
0:57.2	trades.
0:58.6	So the IRS demanded that Coinbase hand over customer details so we could identify the tax
1:04.4	dodgers.
1:05.8	But this was a battle Coinbase decided it had defied in court to reassure their customers
1:11.4	that their information would not be revealed.
1:14.3	And this morning, the court made its decision.
1:18.0	We've got from having to provide details on half a million customers to just 13,000.
1:24.0	It's not a total victory, but at least we can say we did all we could to protect our
1:28.4	customers' privacy.
1:30.4	Hmm, I'm still not happy, but Armstrong trails off mid-Sendent.
	...

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