Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 4-30-25
Good Morning Dinar Recaps,
COINBASE URGES SUPREME COURT TO WEIGH IN OVER IRS'S ACCESS TO CUSTOMER DATA
▪️Coinbase said the Supreme Court should clarify the third-party doctrine, which says that people who give information to third parties, such as banks, should not have an expectation of privacy.
▪️Others have filed amicus briefs, including billionaire Elon Musk, the Cato Institute, and the DeFi Education Fund.
Coinbase urged the U.S. Supreme Court to consider a case involving the Internal Revenue Service that it says "sets a dangerous precedent" surrounding customers' personal data.
The crypto exchange said the Supreme Court should clarify the third-party doctrine, which says that people who give information to third parties, such as banks, should not have an expectation of privacy.
"This Court’s guidance is especially important here because this case involves a new technology—blockchain— that is particularly susceptible to surveillance abuse," the firm said in an amicus brief filed on Wednesday with the Supreme Court.
The IRS demanded records from Coinbase almost a decade ago from thousands of its customers, including information involving security settings, transactions, and correspondence. The company pushed back, but a district court later said Coinbase had to comply, but narrowed the IRS's search according to the filing.
In 2020, petitioner James Harper, a Coinbase customer, filed a suit against the IRS for its role in the alleged unlawful seizure of information that identified him as a crypto holder.
Now it's up to the Supreme Court to decide if it wants to take Harper's case up. Others have filed amicus briefs, including billionaire Elon Musk, the Cato Institute, and the DeFi Education Fund.
Coinbase Chief Legal Officer Paul Grewal said the company supports complying with tax rules, but said the IRS went too far.
"We believe in tax compliance, but this goes far beyond a narrow and tailored request and far beyond crypto," Grewal said Wednesday in a post on X. "This applies to banks, phone companies, ISPs, email, you name it. As we explain here, you should have the same right to privacy for your inbox or account as you have for a letter in your mailbox."
@ Newshounds News™
Source: The Block
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ZIMBABWE REINTRODUCES GOLD COINS SALE TO STRENGTHEN CURRENCY RESERVES
https://goldseek.com/article/zimbabwe-reintroduces-gold-coins-sale-strengthen-currency-reserves
As gold prices skyrocket, the Reserve Bank of Zimbabwe (RBZ) has resumed issuing gold coins.
The central bank introduced the coins in June 2022. The program was touted as a way for investors to store value in the face of rampant inflation. At the time, a Zimbabwean brokerage firm analyst told Al Jazeera that the coin was a “welcome development.”
“For a long time, the market did not have many investment options, and this is a new asset class. The thinking was inspired by the need to come up with an instrument that addresses the inflation problems in the economy, where purchasing power has been eroded. From what we are gathering, this is going to be a store value.”
He went on to say that the fundamentals of gold help it hedge against inflation and geopolitical risk, and that the gold coins would open the gold market to “ordinary investors.”
The RBZ suspended the sale of the coins 10 months ago, but they are now being reintroduced through local banks.
Fidelity Gold Refineries (Private) Limited mints the 22-carat "Mosi-Oa-Tunya" coin. It is available in various sizes, ranging from 1/10 ounce to 1 ounce.
The Zimbabwe central bank owns Fidelity Gold Refineries (Private) Limited, and it operates as the only gold-buying and refining entity in the country.
RBZ monetary policy committee member Persistence Gwanyanya told Bloomberg that the reintroduction of the gold coins comes at a time when “gold is more attractive to the market,” and that the move “supports our value preservation efforts.”
“We are taking advantage of firm gold prices and re-injecting the gold coins into the market.”
According to the Bloomberg article, the hope is that resuming gold coin sales will “ramp up the bullion stockpile used to back up the local currency, the ZiG.”
You might be wondering how selling gold increases a bullion stockpile.
The answer is it doesn't. Bloomberg seems to be oversimplifying a monetary policy scheme that will increase the reserves backing the ZiG, but won't increase the country's gold reserves specifically.
@ Newshounds News™
Source: GoldSeek
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