1. The
#crypto industry is facing a deadline to challenge a new US law requiring
#businesses to gather personal information on users making digital asset transactions exceeding $10,000 for goods and services by January 1, 2024.
2. Crypto-focused non-profit Coin Center is in a legal battle with the Treasury Department over the law, with
#Coin Center arguing it infringes on
#privacy and is unconstitutional. Their initial case was dismissed, but they plan to appeal the decision.
3. The Department of Justice defends the
#regulation, stating it aims to enhance tax compliance. While proponents see it as a tool against tax evasion, critics worry about implications on user privacy due to blockchain's transparency and potential hindrance to businesses like law firms receiving cryptocurrency payments.
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