Cryptocurrency think tank Coin Center has filed a lawsuit against the US Treasury and the US Internal Revenue Service (IRS), accusing them of violating the constitution.
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declare unconstitutional last year’s law requiring reporting on taxes on cryptocurrency. Treasury Secretary Janet Yellen and IRS Chairman Charles Rettig were named as defendants in the lawsuit.
“The reporting mandate will force Americans who use cryptocurrency to share details about themselves both with each other and with the federal government. Under the terms of the mandate, senders and recipients of cryptocurrencies will be forced to disclose their names, social security numbers, home addresses and other personal information,” the lawsuit says.
The requirement, which will take effect from 2024, requires US taxpayers who receive more than $10,000 in crypto to provide social security numbers and other personal information of the sender. This provision was included in the “infrastructure law” which included the reporting requirement for cryptocurrency tax for brokers. The provision caused a negative reaction from representatives of the crypto industry.
The Coin Center is concerned that the rule will require Americans to keep sender information for a year in case the total amount of transactions eventually reaches 10,000 or more.
Recently, the head of Custodia, Caitlin Long, sued the US Federal Reserve in the interests of her crypto bank.
Source: Bits
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