Coinbase Pushes Back on Proposed Broker Reporting Rules

Cryptocurrency exchange Coinbase Global Inc. is pushing back on broker reporting rules recently proposed by the Treasury Department.

In a comment letter released Thursday, Coinbase head of US policy Kara Calvert said the proposed rules go much further than the firm expected in what exchanges would be required to report—leading to privacy violations as well as a disproportionate reporting burden on crypto brokers versus more traditional financial brokers.

• The letter argues the proposed rules would result in serious breaches of privacy for users, requiring exchanges to report to the government every transaction someone makes in ...