Coin Center takes US Treasury to court over alleged financial spying

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Coin Center takes US Treasury to court over alleged financial spying
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Coin Center, a nonprofit blockchain advocacy group based in Washington, D.C., has filed a lawsuit against the U.S. Treasury Department, accusing it of providing unconstitutional amendments in a controversial infrastructure bill.

Coin Center’s litigation information on plaintiffs and defendants. Source: Case: 5:22-cv-00149-KKC

In an official announcement, Coin Center disclosed a lawsuit filed in federal district court against the Treasury Department challenging the enforcement of Section 6050I reporting mandates under the Infrastructure Investment and Jobs Act. The content of the lawsuit is as follows:

“In 2021, President Biden and Congress revised a little-known tax reporting mandate. If the amendments are allowed to go into effect, it would impose a system of mass surveillance on ordinary Americans.”

Amendment 6050I requires individuals and businesses to report information related to all incoming transactions valued at $10,000 or more, including sender’s name, date of birth, and Social Security number.

In its announcement, Coin Center highlighted how the amendment affects the entire crypto community, including NGOs that accept anonymous donations and non-fungible token (NFT) artists who must disclose personal information about their clients to the government.

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In the lawsuit’s first claim, Coin Center alleges that the purpose of Section 6050I is not to collect information about third parties, but rather to focus on information about the public involved in crypto exchanges.

“The second claim is about our freedom of association,” the company added, pointing to a Supreme Court ruling barring the government from forcing organizations to keep and report their membership lists.

Finally, Coin Center turned to the crypto community for support, stating:

“We are considering adding additional co-plaintiffs in this lawsuit, so if you may fit this description and are interested, please contact us.”

Related: Leaked Copy of U.S. Draft Bill Shows DeFi and DAOs from a Regulatory Perspective

Last week, on June 7, Cointelegraph spotted a leaked copy of a draft U.S. bill on cryptocurrencies on Twitter.

Further investigation revealed regulators’ concerns about user protection in decentralized finance (DeFi), stablecoins, decentralized autonomous organizations (DAOs), and the crypto exchange ecosystem.





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