Coin Center sues U.S. Treasury and IRS

Coin Center, a nonprofit organization promoting and defending the interests of the industry, подала иск against the U.S. Treasury and the Internal Revenue Service over an unconstitutional tax-reporting requirement for cryptocurrency holders.

The complaint concerns an amendment to the Infrastructure Investment and Jobs Act, adopted in the summer of 2021. It requires individuals and entities receiving cryptocurrency transactions of $10,000 or more to report to authorities not only the sender’s name but also the date of birth and Social Security number.

The amendment also applies to NFT sellers and nonprofit organizations receiving anonymous donations.

Coin Center says the requirement would give ‘the government an unprecedented level of transaction detail, far beyond its authority’.

‘If the amendment is allowed to take effect, it would usher in a regime of mass surveillance of ordinary Americans,’ the lawsuit says.

The organization added that they intend to defend people’s rights to the ‘private use of cryptocurrency networks.’

In April, Coin Center SEC called the initiative to change the term ‘exchange’ unconstitutional.

In March, members said that the proposed FinCEN rules regulating cryptocurrency transactions ‘threaten innovation and privacy’.

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