Does Coinbase report to IRS?

Hey guys,
How does Coinbase’s reporting to the IRS impact individuals’ decisions to use the platform for cryptocurrency transactions?

Coinbase reporting to the IRS adds a layer of complexity for crypto users.

On the one hand, it fosters legitimacy and potentially wider adoption.

But on the other hand, it raises privacy concerns for some.

Coinbase adheres to regulatory requirements by reporting pertinent tax-related information to the IRS.
This includes submitting Forms 1099-MISC to the IRS for U.S. traders who have earned over $600 in crypto rewards or staking within a calendar year.