The Supreme Court rejected Monday an appeal to block the Internal Revenue Service from accessing Coinbase Global Inc.'s (NASDAQ:COIN) user data.
What happened: The apex court denied a request from James Harper, a Coinbase account holder, who argued that the summons by the IRS demanding users' transaction data violated their privacy rights under the Fourth Amendment.
Harper filed a lawsuit against the agency in 2020, but it was dismissed by the U.S. District Court for the District of New Hampshire in 2021.
The Supreme Court decided not to review the decision, meaning that the lower court's ruling stands.
Coinbase filed an amicus brief in May supporting Harper's case, arguing that the government’s sweeping data requests threaten Americans’ digital privacy.
Paul Grewal, Coinbase's legal head, expressed disappointment with the decision but vowed to "continue the fight."
Price Action: Shares of Coinbase dipped 0.58% in after-hours trading after closing 0.82% lower at $350.53 during Wednesday's regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has gained 41%.
COIN demonstrated a very high momentum score—a measure of the stock’s relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. To check out equities with an even higher Momentum score, head to Benzinga Edge Stock Rankings.
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