⚠️⚠️⚠️ IRS free to issue bulk summonses to CEXes like Coinbase. No warrant, no named targets.

The legal hook: the third‑party doctrine. Once you share data with a service, courts say you lose a reasonable expectation of privacy. Think bank records in the ’70s - now applied to your crypto.

What the IRS gets: • KYC IDs • Full trade history • Deposit/withdrawal addresses • IP logs That’s enough to trace coins even after you self‑custody.

Practical upshot: assume every exchange transaction is visible to the IRS. Under‑reporting now carries real audit risk

Bottom line: CEXes now function like banks in the eyes of the law. If you want privacy, you’ll need good op‑sec and a front‑row seat in the policy debate.