Complaint against the police – A defense group of cryptocurrencies has decided to tackle the infrastructure invoice. It mainly sticks to amendment that violates the privacy of a cryptocurrency user’s personal data.
The regulation of cryptocurrencies: a bit too voyeuristic an amendment
Corner center is a Washington-based non-profit organization that supports blockchain and cryptocurrencies. The organization filed a complaint against the Department of treasure and the US tax authorities (Revenue Agency). Simply put, he accuses these institutions ofespionage through an amendment to the infrastructure bill.
In more technical terms, it refers to Coin Center “modification of a lesser known tax return mandate” in 2021. However, the entry into force of this amendment would impose “a regime of mass surveillance of ordinary Americans”.
This controversial provision is the6050I amendment. It imposes a reporting obligation on businesses and individuals for inbound transactions of $ 10,000 or more (this also applies to cryptocurrencies). Such declarations must report more precisely the sender’s name, date of birth and tax code.
This 6050I provision would therefore reveal, according to Coin Center, details of personal activities of an individual. She would even have exposed her “Intimate and expressive activities”. The government would thus, thanks to this amendment,“an unprecedented level of detail in transactions”.
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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United to weigh: no list, no disclosure to the government
Coin Center also evokes the freedom of association challenge this controversial amendment. According to a Supreme Court ruling, the government cannot force organizations to maintain and disclose a list of their members in possession of cryptocurrencies.
While the cryptosphere can accommodate this step, can this procedure lead to a favorable outcome for the industry?
In order to weigh on the judicial balance, the organization seeks the support of the crypto community. He’s going to add “additional co-plaintiffs in this process” and therefore asks interested parties to come forward.
The cryptocurrency community thus continues to mobilize, via legal action or investment in lobbying to prevent the implementation of regulations penalizing the cryptocurrency sector.
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