Recent news has mostly seen government agencies setting the legal system against crypto companies, but, because two can play that game, Coin Center has launched a counter-offensive. On Wednesday, October 12th, they filed a suit against the Department of the Treasury for overreach of the DoT's constitutional power with the sanctioning of Tornado Cash and its users. Coin Center's aim is to protect the rights to freedom of privacy and freedom to transact.
This isn’t their first move, however, as they fired their opening salvo in June, with the claim that Section 6050I of the Tax Code from the Infrastructure Investment and Jobs Act was unconstitutional. The section requires that any sale or donation over $15K would require the seller or recipient to get the name, birthday, and social security number of the person who bought from them or donated the money.
In other words, they want us to dox our holders so hard that we could steal their actual legal identities. The result if Coin Center loses, though, is that third-party exchanges would be required for transacting in crypto. No more freedom to transact or freedom of privacy.
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