Coin Center, a non-profit blockchain advocacy group based in Washington, DC, has filed a lawsuit against the United States Department of the Treasury for alleged inclusion of an unconstitutional amendment in the controversial blockchain bill. infrastructures.
In an official announcement, Coin Center disclosed the filing of a lawsuit against the Treasury Department in federal district court, challenging the application of the Section 6050I reporting mandate within the Employment and Infrastructure Investment Act. The lawsuit stated:
“In 2021, President Biden and Congress amended a little-known tax reporting mandate. If the amendment is allowed to go into effect, it will impose a regime of mass surveillance on ordinary Americans.”
Amendment 6050I requires individuals and businesses to report information related to all incoming transactions worth $10,000 or more, which includes the sender’s name, date of birth, and Social Security number.
Coin Center, in its announcement, highlighted how the amendment affects the entire crypto community, including NGOs that receive anonymous donations and non-fungible token (NFT) artists who will have to disclose their customers’ personal information to the government.
In the first claim of the lawsuit, Coin Center alleged that provision 6050I is not directed at collecting information about third parties, but instead focuses on information about the general public who participate in crypto transactions.
“The second allegation concerns our freedom of association,” the company added, pointing to a Supreme Court ruling that prohibits the government from forcing organizations to maintain and report lists of their members.
As a final note, Coin Center turned to the cryptocurrency community to ask for their support, stating that:
“We are considering adding additional co-plaintiffs to this lawsuit, so if you fit this description and are interested, please get in touch.”
Last week, on June 7, Cointelegraph came across a leaked copy of a US bill regarding cryptocurrency making the rounds on Twitter.
here you go
(plz RT) pic.twitter.com/UOVhIUiUBu
— slam (@bot_slam) June 7, 2022
Other research revealed regulators’ concerns around protecting users in decentralized finance (DeFi) ecosystems, stablecoins, decentralized autonomous organizations (DAOs), and cryptocurrency exchanges.
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