Saturday, July 20, 2024

Coin Center sues US Treasury for alleged financial spying.

A non-profit blockchain advocacy group based in Washington DC, Coin Center is suing the United States Department of Treasury for giving the go-ahead for the enforcement of Section 60501 within the Infrastructure Investment and Jobs Act. Coin Center says that if this comes into effect, it will impose a mass surveillance regime on ordinary citizens.

The amendment requires individuals and businesses to report information about all incoming transactions worth $10,000 or more. It includes the sender’s name, date of birth, and Social Security number. Coin Center raised concerns that the rules would require Americans to store sender information for up to a year. And any set of transactions could be regarded as related if the total ultimately reaches $10,000 or more.

Coin Center says the amendment affects the entire crypto ecosystem, including non-governmental organizations that receive anonymous donations and NFT artists who have to give details of their client’s personal information to the government. The advocacy group alleged that the 60501 provision is not for collecting information about third parties. Rather, it focuses on the information about the general public participating in crypto transactions. Coin Center also highlighted the Supreme Court ruling that forbids the government from forcing organizations to keep and report lists of their members.

As such, it urged the crypto community for support saying that it wants additional co-plaintiffs to this suit and urged the interested parties to get in touch.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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