Coin Center takes US Treasury to court over alleged financial spying

Coin Center takes US Treasury to court over alleged financial spying

Coin Center, a non-profit, Washington, DC-based advocacy group for blockchain technology, has filed a lawsuit against the United States Department of the Treasury over alleged provisioning of an unconstitutional amend in the controversial infrastructure bill.

Information about Coin Center lawsuits regarding plaintiffs and defenses. Source: Case: 5:22-cv-00149-KKC

Coin Center made an official announcement that it had filed a lawsuit against the Treasury Department in Federal District Court — challenging Section 6050I’s reporting obligation under the Infrastructure Investment and Jobs Act. The lawsuit was as follows:

“In 2021 President Biden and Congress modified a little-known tax reporting directive. The amendment will be imposed on the ordinary American citizen if it is approved to become law.

Individuals and businesses must report all transactions exceeding $10,000 under the 6050I amendment. This includes sender’s name, birth date, and Social Security number.

Coin Center announced that the amendment will affect the entire crypto community. This includes NGOs that receive anonymous donations as well as artists using nonfungible tokens (NFT). These artists will need to disclose the personal information of their clients to the government.

Coin Center claimed that the 6050I provision was not intended to collect information about third parties, but instead focuses on information about crypto transaction participants.

The company stated that “the second claim is about freedom of association,” and cited a Supreme Court ruling which forbids government agencies from requiring them to report or keep lists of their members.

Coin Center wrote to the crypto community to thank them for their support.

“We are looking at adding co-plaintiffs in this suit. Please get in touch if you think you might be a good fit.

Related: A leaked copy of the US draft bill shows DeFis and DAOs in regulatory lens

Cointelegraph discovered a draft US bill regarding cryptocurrency last week on June 7.

here you go (plz RT) pic.twitter.com/UOVhIUiUBu
— slam (@bot_slam) June 7, 2022

Further investigation revealed regulators’ concerns about user protection in the decentralized finance, stablecoins and decentralized autonomous organisations (DAOs), crypto exchanges ecosystems, and decentralized finance (DeFi).

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