New proposed law would require any person who regularly provides a service that executes transfers of digital assets to report those transactions. The crypto community is readying for court fights that could help redefine the Fourth Amendment.
The cryptocurrency community launched an all-out but ill-fated lobbying blitz to water down new proposed tax reporting rules that could be passed into law as early as next week. Now, the industry is changing tacks and readying for a constitutional fight in the courts that could help redefine Fourth Amendment protections against unreasonable government inquiries into Americans’ financial lives.
“Why would anyone risk a felony transacting with digital assets when you can just go back to using banks that will report your financial dealings to the government for you?” Sutherland said. Van Valkenburgh said in an interview with MarketWatch that Coin Center — whose board includes some of the biggest players in the industry — would likely sue the government if these new reporting requirements go into effect, as the legislation proposes in 2024.
Following the passage of the 1984 law, any business person who sold a good or service for more than $10,000 in cash had to report detailed personal information to the government about their customers. In Carpenter, the Supreme Court determined that the common police practice of subpoenaing cellphone records to determine the location of potential suspects was a violation of the Fourth Amendment, even though someone voluntarily and implicitly agrees to phone companies accessing that information when they sign up for cellphone service.
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