Coin Center filed a lawsuit in federal district court against the Treasury Department — challenging Section 6050I’s reporting requirement.
Coin Center, a non-profit, Washington, DC-based advocacy group for blockchain technology, has filed a lawsuit against the United States Department of the Treasury over allegedly provisioning an illegal amendment to the controversial infrastructure bill.
Coin Center made an official announcement revealing that it had filed a lawsuit against the Treasury Department in federal court, challenging Section 6050I’s reporting requirement within the Infrastructure Investment and Jobs Act. The lawsuit was
“In 2021 President Biden and Congress modified a little-known tax reporting directive. The amendment will be enacted on the ordinary Americans if it is approved.
Individuals and businesses must report all transactions exceeding $10,000 under the 6050I amendment. This includes sender’s name, birth date, and Social Security number.
Coin Center announced that the amendment will affect the entire crypto community. This includes NGOs that receive anonymous donations as well as nonfungible to token (NFT), artists who will need to disclose the personal information of their clients to the government.
Coin Center claimed that the 6050I provision was not intended to collect information about third parties, but instead focuses on information about crypto transaction participants.
The company stated that “the second claim is about freedom of association,” and cited a Supreme Court ruling which forbids government agencies from requiring them to report or keep lists of their members.
Coin Center sent a final note to thank the crypto community for their support. They stated that:
“We are looking at adding co-plaintiffs in this suit. Please get in touch if you think you might be a good fit.
Cointelegraph discovered a draft US bill regarding cryptocurrency last week on June 7.
Further investigation revealed regulators’ concerns about user protection in the decentralized finance, stablecoins and decentralized autonomous organisations (DAOs), crypto exchanges ecosystems, and decentralized finance (DeFi).
