Complaint against law enforcement officials – A advocacy group of cryptocurrencies has decided to tackle the infrastructure bill. He mainly attacks a amendment that violates the privacy of a cryptocurrency user’s personal data.
Regulation of cryptocurrencies: an amendment that is a little too voyeuristic
Corner Center is a Washington-based non-profit organization advocating for blockchain and cryptocurrencies. The organization filed a complaint against the Department of Treasure and the US tax authorities (IRS). Simply put, she accuses these institutions ofspying via an amendment in the infrastructure bill.
In more technical terms, Coin Center refers to “modifying a little-known tax reporting mandate” in 2021. However, the entry into force of such an amendment would impose “a mass surveillance regime on ordinary Americans”.
This controversial provision is theamendment 6050I. It imposes a reporting obligation on businesses and individuals for incoming transactions of $10,000 or more (this also applies to cryptocurrencies). These declarations must more precisely reveal the sender’s name, date of birth and social security number.
This provision 6050I would then disclose, according to Coin Center, details of personal activities of an individual. She would even expose her “intimate and expressive activities”. The government would thus have, thanks to this amendment,“an unprecedented level of transaction detail”.
However, this financial voyeurism of governments is unbearable for many cryptophiles. They are particularly concerned about the protection of their personal data. Coin Center even describes the cryptosphere as “an area where users have taken a series of measures to protect the confidentiality of their transactions”.
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Unite to weigh heavy: no list, no disclosure to the government
Coin Center also evokes the freedom of association to challenge this controversial amendment. According to a Supreme Court ruling, the government cannot compel organizations to maintain and disclose a list of their members holding cryptocurrency.
Although the cryptosphere can welcome this step, can this procedure lead to a favorable result for the sector?
To be able to weigh in the judicial balance, the organization is seeking the support of the crypto community. She plans to add “additional co-plaintiffs in this trial” and thus asks those concerned to come forward.
The crypto community thus continues to mobilize, via legal actions or investment in lobbying to prevent the implementation of regulations penalizing the cryptocurrency sector.
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