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COINCENTER FILED LAWSUIT AGAINST THE US TREASURY DEPARTMENT

COINCENTER FILED LAWSUIT AGAINST THE US TREASURY DEPARTMENT 

The Coin Center, a Washington-based, DC-based non-profit blockchain Advocacy group, has filed a lawsuit against the United States Treasury for allegedly providing an unconstitutional amendment to a controversial infrastructure bill.



In an official announcement, the Coin Center has filed a lawsuit against the Department of Finance in the state district court - challenging the enforcement of Section 6050I reporting authority within the Investment and Works Investment Act. The case read as follows:


"In 2021, President Biden and Congress amended the lesser known tax reporting authority. If the amendment is approved, it will put a monopoly on the vast majority of Americans."

The 6050I amendment requires individuals and businesses to report information related to all incoming transactions costing $ 10,000 or more, including sender name, date of birth and Social Security number.


The Coin Center, in its announcement, highlighted how the amendment affects the entire crypto community, including NGOs receiving anonymous donations and nonfungible token (NFT) artists who will be required to disclose their client's personal information to the government.


In the first lawsuit, Coin Center alleges that the 6050I provision is not intended to collect information about third parties but rather to focus on information about the general public involved in crypto marketing.


"The second complaint is about our freedom of association," the company added, citing a Supreme Court ruling banning the government from forcing organizations to keep and report lists of their members.


Finally, the Coin Center reached out to the crypto community for support, saying:


"We are considering adding some plaintiffs to this case, so if you might like this description and are interested, please contact."

Related: A leaked copy of a US bill draft shows DeFi and DAOs under a regulatory lens


Last week, June 7, Cointelegraph received a leaked copy of a US cryptocurrency bill circulating on Twitter.



Further investigation has revealed regulators' concerns about user protection across all financial sectors (DeFi), stablecoins, non-governmental organizations (DAOs) and crypto trading systems.

Source: cointelegraphy




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