Coin Center Challenges enforcement of Section 6050I
The blockchain advocacy group filed a lawsuit against the US Treasury Department for Section 6050I.
Coin Center is a non-profit organization. This organization is a research and advocacy group, which examines public policy issues related to cryptocurrency and decentralized computing technologies like blockchain. In short, we can say that Coin Center legally supports the crypto & blockchain industry in favor of crypto investors.
On 11 June, Coin Center officially announced that it filed a lawsuit against the US Treasury Department in a district Federal court.
The filed case against Treasury Department is regarding Section 6050I, which mandates reporting within the Infrastructure Investment and Jobs Act. According to this nonprofit advocacy group, this Act is an big issue regarding the financial privacy of US citizens.
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.”
Under the 6050I amendment, all the individuals and businesses of the US will be required to report information associated with all transactions worth $10,000 or more, which includes the fund sender’s name, birth date, and also Social Security number.
According to Coin Center, this amendment will affect the whole crypto community. It also includes the NGOs which accept anonymous donations. And also it will affect equally the nonfungible token (NFT) artists, who will have to disclose the personal information of their clients to the govt agencies.
CoinCenter also claimed that it is about freedom of association and pointed out a Supreme Court ruling that prohibits the govt from any force on the organizations to keep and report lists of their clients.
In the end note, via announcement, CoinCenter emphasized the crypto industry to support and remain in touch with this legal step, which seeks to bring freedom for US citizens from such controversial Acts.
CoinCenter stated:
“We are considering adding additional co-plaintiffs to this suit, so if you might fit this description and are interested, please get in touch.”
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