According to DL News, a new regulation in the United States will take effect on January 1, 2024. By 2024, U.S. businesses will be required to collect personal information such as name, address and ID of anyone who uses more than $10,000 in cryptocurrency to purchase goods.
Last year, cryptocurrency think tank Coin Center sued the U.S. Treasury Department and Treasury Secretary Janet Yellen and others, alleging that the new rules they were about to implement amounted to "unconstitutional financial regulation."
Nonetheless, a judge recently dismissed the case, saying Coin Center and its co-plaintiffs did not have standing to sue because the rule had not yet taken effect and any alleged damages were speculative.
On July 21, Coin Center Executive Director Jerry Brito tweeted, "This law will apply to all of us in six months, so time is of the essence and we will immediately appeal to the Sixth Circuit." Coin Center declined to comment on the matter. The organization and its co-plaintiffs filed an appeal two days after the judge's ruling.