Crypto user data under scrutiny: US businesses face controversial requirement btc eth bitcoin ethereum $btc $eth
Thus, Coin Center previously sued the ministry, arguing that the law infringed on individuals' privacy and amounted to unconstitutional monitoring. However, their case was dismissed by a judge who deemed the harm speculative since the regulation had yet to be enforced. Undeterred, the pro-crypto organization plans to appeal the decision.
The Department of Justice has defended the regulation, asserting that it simply extends Congress's authority to increase the level of tax compliance. The reporting standards for transactions are to be aligned with those applied to cash transactions. Businesses will be required to collect the names, addresses and social security numbers of individuals purchasing goods or services.While proponents argue that this measure will aid in curbing tax evasion, critics fear its potential implications on user privacy. Blockchain's inherent transparency allows for extensive tracking of transactions, jeopardizing the anonymity many users value in decentralized finance protocols.
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