• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, June 18, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

U.S. Treasury gets sued over their new tax reporting rules

by Reshab Agarwal
June 11, 2022
in Crypto, Crypto Regulation, News
Reading Time: 2 mins read
0
Senators come to an agreement on a crypto amendment to a bipartisan infrastructure plan

Image Source: Bitcoin News

TwitterWhatsappLinkedin

U.S. Treasury gets sued over their new tax reporting rules as Coin Center calls them ‘unconstitutional’. The IRS (Internal Revenue Service) is also involved in the lawsuit. It is important to note that the tax laws are still not in effect, so there is time to exchange them. However, if the courts side with the Treasury on this case, these laws will take effect as scheduled in 2024.

You might also like

Google Pixel 10 Series to Debut Tele-Macro Camera and Tensor G5 SoC

Adobe’s Firefly Expands to iOS and Android, Bringing Powerful AI Tools to Mobile Devices

Kids Stage Virtual Protests Against ICE on Roblox as National Unrest Grows

What makes the new tax reporting laws unconstitutional?

The U.S. Treasury says that if someone receives $10,000 or more in cryptocurrency, then they will have to report the social security number (SSN) and personal information of the sender. This clearly shows that there would be no privacy for the sender, which is a fundamental right. Even the lawsuit claimed that the laws are forcing Americans to share details about themselves and the other person with the feds. Even the home addresses are supposed to be shared with the authorities.

It’s also important to note that this will become very difficult on the part of the receiver as well since the transactions add up for an entire year. So, receivers have to store the information of the senders for an entire year in case all the transactions they make add up to $10,000 or more. Not only will this be a privacy issue but a hassle in itself.

US Treasury gets sued over their new tax reporting rules
Image Source: NDTV Gadgets 360

About Coin Center

Coin Center is a non-profit research and advocacy organization based in Washington, D.C. It focuses on the public policy concerns surrounding cryptocurrencies and decentralized computing technologies such as Bitcoin, Ethereum, and others.

Their objective is to protect people’s rights to create and utilize free and open cryptocurrency networks. And also the freedom to write and publish code, as well as the right to read and execute it. They also advocate for the use of peer-to-peer networks and the freedom to do it all in privacy.

Coin Center accomplishes this by conducting policy research and disseminating it, educating policymakers and the media about cryptocurrencies, advocating for smart public policy, and filing lawsuits to protect digital civil liberties.


What are your thoughts as U.S. Treasury gets sued over their new tax reporting rules? And do you think Coin center will be able to change these rules? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Optimism hackers claim to be whitehat and return stolen funds.
Tags: #Coin_Center#US_Treasurytax
Tweet54SendShare15
Previous Post

What’s Next for Netflix as the Charts Turn Lower Again?

Next Post

Gold investors cautious ahead of US inflation driving Fed Reserve policy

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

Google Pixel 10 Series to Debut Tele-Macro Camera and Tensor G5 SoC

by Anochie Esther
June 18, 2025
0
Pixel 10 series

Google is set to unveil its Pixel 10 series on August 20, and early leaks have already started shedding light on some exciting new features. One of the...

Read more

Adobe’s Firefly Expands to iOS and Android, Bringing Powerful AI Tools to Mobile Devices

by Anochie Esther
June 18, 2025
0
Firefly

Adobe has officially extended its Firefly platform to mobile users with the launch of dedicated apps for iOS and Android. The move signals a significant evolution in Adobe’s...

Read more

Kids Stage Virtual Protests Against ICE on Roblox as National Unrest Grows

by Harikrishnan A
June 18, 2025
0
Kids Stage Virtual Protests Against ICE on Roblox as National Unrest Grows

As political tensions over immigration enforcement continue to boil across the United States, an unexpected group has taken a stand—kids. But rather than taking to the streets, they’re...

Read more
Next Post
why you should invest in gold

Gold investors cautious ahead of US inflation driving Fed Reserve policy

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?