Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So
Coin Center’s Peter Van Valkenburgh believes that the U.S. Treasury could use the Bank Secrecy Act in a dark way against crypto developers....
- Peter Van Valkenburgh, director of research at Coin Center, discusses the potential harm of the IRS's proposed broker rule for tax reporting in crypto.
- Coin Center suggests alternative methods for the IRS to achieve its goals while protecting the crypto industry and user security and privacy.
- Peter explains how these alternative methods could also be used for collecting taxes on DeFi gains.
- He also questions the constitutionality of the Bank Secrecy Act and its potential impact on developers in the crypto space.
The article discusses concerns and potential harm related to the IRS's proposed broker rule for tax reporting in crypto, as well as the constitutionality of the Bank Secrecy Act. Overall, the sentiment is negative, highlighting potential negative impacts on the crypto industry, user security, privacy, and developer activities.