I don't believe there is anything to indicate that the 80 people who declared BTC gains were even Coinbase users. The IRS is demanding customer records from Coinbase because only 80 people declared gains from Bitcoin on their taxes, a far cry from the 100s of thousands of users that had accounts with Coinbase at the time.
I do think they are overreaching by immediately demanding all of Coinbase's customer records. Records from a random sample of a few thousand accounts held by US residents would be more than enough for them to establish whether or not there is rampant cheating on taxes being perpetrated by Bitcoin users. If their findings confirm their suspicions, then further action would be justified, but if not - then it wouldn't.
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