Does it specify what time period the amount > $10,000 has to be in? Could you do $9,999 repeatedly to skirt the regulation? It will just make P2P exchanges more a pain in the ass. Probably out of convenience force people to use KYC exchanges.
Coin Center's case challenging Congress’s expansion of Section 6050I of the tax code was dismissed yesterday.
You should be paying attention, because this will impose mass surveillance on ordinary Americans, no CBDC required…
Remember that sneaky addition to Biden’s Infrastructure Bill in 2021 that most people forgot about?
Now that Coin Center’s case was dismissed, on Jan 1, 2024 this law will require anyone receiving crypto / #Bitcoin payments > $10,000 to report to the transaction to the government AND report the personally identifiable information of the sender as well…
No warrant required.
From Coin Center:
“The reporting mandate would force Americans using cryptocurrency to share intrusive details about themselves, both with each other and with the federal government. Under the terms of the mandate, everyday senders and receivers of cryptocurrency would be forced to reveal their names, Social Security numbers, home addresses, and other sensitive personal identifying information.
Receivers would then have FIFTEEN DAYS to report all of that information about both parties, along with the details of their transactions, to the federal government.
The 2021 amendment’s reporting mandate would also require the receivers to maintain records of their transactions and the personal identifying information of senders for five years.”
This is a blatantly unconstitutional move by the Biden Administration.
The question is: will any of the pro-Bitcoin candidates speak up about this?
https://www.coincenter.org/app/uploads/2022/06/1-Complaint.pdf
Discussion
Likely it just means $10K per transaction like the regular bank 10K transaction reporting limit. Likely If you keep $9.999ing they'll know you're wilfully skirting and will fill suspicious activity report and gov'ment can freeze your funds and ask you to prove what you're doing is kosher. I heard that's how it works in tradfi.
That is how it works in tradfi. You don’t even need to keep doing $9,999 transactions to get a suspicious activity report filed in tradfi. But if you’re doing p2p transactions there is no middle man to report on you. I’ll have to do some reading to understand the finer points of this regulation.
