Coin Center is raising its voice against the reporting mandate for receiving crypto funds over $10,000.
“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 mass surveillance regime on ordinary Americans.”
The 6050I amendment 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 the NGOs that receive anonymous donations and artists who will have to reveal their client’s personal information to the government.
In the first claim of the lawsuit, Coin Center alleged that the 6050I provision is not aimed at collecting information about the third parties but rather focuses on the information about the general public participating in crypto transactions. “The second claim is about our freedom of association,” the company added as it pointed out a Supreme Court ruling that forbids the government from forcing organizations to keep and report lists of their members.“We are considering adding additional co-plaintiffs to this suit, so if you might fit this description and are interested, please get in touch.”Last week, on June 7, Cointelegraph came across a leaked copy of a US draft bill concerning cryptocurrency doing the rounds on Twitter.
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