Coin Center’s Lawsuit Against New U.S. Crypto Tax Reporting Rules Dismissed, Appeals Appealed

Odaily Planet Daily News A new regulation in the United States will take effect on January 1, 2024. By 2024, U.S. businesses will have to collect personal information such as the name, address and ID of anyone who buys goods with more than $10,000 in cryptocurrencies. Last year, cryptocurrency think tank Coin Center sued the U.S. Treasury Department and Treasury Secretary Janet Yellen, among others, alleging that the new rules they were about to enforce amounted to “unconstitutional financial regulation.” That said, a judge has recently dismissed the case, saying that Coin Center and its co-plaintiffs have no standing to sue because the rule has not yet taken effect and any alleged damages are speculative. On July 21 this year, Coin Center executive director Jerry Brito tweeted, "This law will apply to all of us within six months, so time is of the essence, and we will immediately appeal to the Sixth Circuit Court .” Coin Center declined to comment for this story. The group and its co-plaintiffs have filed an appeal two days after the judge's ruling. (DL News) As previously reported, in June 2022, Coin Center filed a lawsuit against the U.S. Department of the Treasury and the Internal Revenue Service, claiming that the cryptocurrency tax reporting requirements set forth in the Infrastructure Act of 2021 were “unconstitutional.” The requirement, which will go into effect in 2024, requires U.S. taxpayers who receive more than $10,000 in cryptocurrency to report the sender’s Social Security number and other personal information. "Under the terms of the authorization, senders and recipients of cryptocurrency would be forced to reveal their names, Social Security numbers, home addresses, and other personally identifiable information," the lawsuit said.