Confusion permeates the crypto industry as regulators worldwide strive to establish various rules. A new law, slated to be enforced on January 1, 2024, is set to reshape how businesses in the US gather personal information from users involved in cryptocurrency transactions exceeding $10,000 for purchases.
Coin Center sued Janet Yellen regarding the law
Coin Center, a prominent crypto think-tank, recently sued the Treasury Department and Treasury Secretary Janet Yellen. The organization aimed to halt the implementation of new regulations. Experts believe that the regulation has far-reaching implications for the crypto industry.
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The contentious regulation, set to take effect in six months, would require businesses to conduct financial surveillance by gathering personal information on users engaged in digital asset transactions exceeding a certain threshold. Additionally, the information collected would apply to crypto purchases used for goods and services, with the intention of curbing potential tax evasion.
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Undeterred by the ruling, Coin Center’s Executive Director, Jerry Brito, made a resolute statement on X, the social media platform formerly known as Twitter. “Time is of the essence,” Brito asserted, highlighting the urgency of the situation. He also revealed that the organization plans to appeal the case to the Sixth Circuit, signaling a commitment to continue the fight against the perceived infringement on user privacy.