CoinCenter, a Washington, DC-based not-for-profit blockchain advocacy group, has filed a lawsuit against the US Treasury for allegedly introducing an unconstitutional amendment to an infrastructure bill Controversial.
In an official announcement, CoinCenter revealed that it is filing a lawsuit against the Treasury Department in Federal District Court — to challenge enforcement of the reporting mandate under Section 6050I of the US Investments Act. Infrastructure and jobs, according to the Coin Telegraph.
In the text of the lawsuit: In 2021, President Biden and Congress amended an unknown tax-reporting mandate. If the amendment is allowed to enter into force, it would impose a system of mass surveillance on ordinary Americans.
The 6050I amendment requires individuals and businesses to report information on all incoming transactions of $10,000 or more, including the sender's name, date of birth, and Social Security number .
CoinCenter, in its announcement, also highlighted how the modification affected the entire cryptocurrency community, including NGOs receiving anonymous donations and token artists non-destructible (NFT) who will have to disclose the personal information of their clients to the government.
In the lawsuit's first claim, CoinCenter argued that Clause 6050I was not intended to collect information about third parties but focused on information about the general public involved in transactions Cryptocurrencies.
The second claim relates to our freedom of association, the company added, referring to a Supreme Court ruling prohibiting the government from forcing organizations to maintain and report their member lists.
On a closing note, CoinCenter has reached out to the crypto community for support, noting: We're considering adding other plaintiffs to this lawsuit, so if you're Fits this description and you are interested in it, please contact us.
