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.
