Coin Center, a Washingon, DC-based non-profit blockchain advocacy group, filed a lawsuit against the United States Department of the Treasury for allegedly provisioning an unconstitutional amendment in the controversial infrastructure bill.
In an official announcement, Coin Center revealed the filing of a suit against the Treasury Department in federal district court — challenging the enforcement of Section 6050I’s reporting mandate within the Infrastructure Investment and Jobs Act. The lawsuit read:
“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 nonfungible token (NFT) 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.
On an end note, Coin Center reached out to the crypto community for support, stating that:
“We are considering adding additional co-plaintiffs to this suit, so if you might fit this description and are interested, please get in touch.”
Related: Leaked copy of US draft bill shows DeFi and DAOs under regulatory lens
Last week, on June 7, Cointelegraph came across a leaked copy of a US draft bill concerning cryptocurrency doing the rounds on Twitter.
here you go
— slam (@bot_slam) June 7, 2022
(plz RT) pic.twitter.com/UOVhIUiUBu
Further investigations revealed the regulators’ concerns around user protection across the decentralized finance (DeFi), stablecoins, decentralized autonomous organizations (DAOs) and crypto exchanges ecosystems.
Creta joins forces with Thomas Vu, producer of “League of Legends”, backing his game incubation projects and upcoming media ventures. Both entities synergise their Web3 incubation programs, aiming for originality and quality, eyeing the Middle East and India's emerging markets.
JoyA recent study highlights a significant vulnerability in custom GPTs, revealing the ease of extracting sensitive data through prompt injection attacks, urging stronger security measures.
YouQuanWylie Aronow, co-founder of Yuga Labs, despite making progress in his health, is not prepared to return to active work, and emphasises the need for sustained well-being.
Hui XinThe collaboration explores diverse projects, including digital assets, and the establishment of semiconductor factories in both Japan and Saudi Arabia
BrianBitcoin's recent 7.5% plunge, amidst factors like regulatory shifts and market leverage, highlights the unpredictable volatility and complex dynamics of cryptocurrency markets.
YouQuanAnimoca Brands Japan, a strategic subsidiary of Animoca Brands, disclosed an exclusive collaboration with Apas Port Inc. and OnChain Studios' Cryptoys. This partnership aims to revolutionise the toy experience for Japanese collectors, marking a significant step in redefining traditional play.
JoyShiba Inu's holder profitability hits a 10-month high despite market challenges, with a significant portion of investors still at a loss, amidst signs of renewed interest from whales.
YouQuanOne key addition is the cryptographic verification of equivocation, which automatically penalises validators for actions like double signing and light client attacks on the provider chain.
BrianORADA has introduced "NFT QR Connect," an innovative service enabling users to effortlessly receive NFTs without the prerequisite of crypto assets or wallets. By simply scanning QR codes strategically placed at stores and facilities, users can acquire NFTs, paving the way for seamless distribution of commemorative gifts or event participation proofs.
JoyElon Musk's AI chatbot, Grok, humorously aligns with Dogecoin as its favourite cryptocurrency, mirroring Musk's affection for the coin's origin and meme appeal.
Hui Xin