Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So - Ep. 571
In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains.\xa0\nAdditionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto.\xa0\nListen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\nShow highlights:\n\nWhat the IRS's proposed broker rule entails for crypto tax reporting and why this could\xa0have a negative impact on the industry\n\nWhat responsibilities brokers in the crypto space now face\n\nWhy the IRS didn\u2019t use Congress's amended language from the infrastructure bill\n\nWhy Peter argues that the IRS\u2019s new proposed broker rule on crypto is unconstitutional and the principles at stake\n\nThe alternative approaches Peter suggests the IRS could adopt for more effective and fair regulation\n\nWhy Peter has concerns for crypto developers about the potential application of the Bank Secrecy Act\n\nWhat actions Coin Center is undertaking to advocate for changes in the Bank Secrecy Act to better align with crypto realities\n\nWhy Coin Center is appealing in its lawsuit against the Treasury Department over the OFAC sanctions on Tornado Cash\n\nThank you to our sponsors!\n\nArbitrum Foundation\n\nPopcorn Network\n\nGuest\n\n\nPeter Van Valkenburgh, director of research at Coin Center\n\nPrevious appearances on Unchained:\xa0\n\nWhy the SEC Is Probing Yuga Labs and Coin Center Is Suing Treasury\n\nHow Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law\n\nWhy the SEC's Proposed Rules Affecting DeFi Could Violate the First Amendment\n\nLinks\nIRS Crypto Regulation\n\nCoin Center: Electronic Cash, Decentralized Exchange, and the Constitution\n\n\nThe Blockchain Association\u2019s letter opposing tax regulations proposed by the IRS\n\n\nCoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule\n\n\nPatriot Act\xa0\n\nCalifornia Bankers Assn. v. Shultz\n\nBank Secrecy Act\n\nCoin Center:\n\nBroad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act\n\nTornado Cash\n\nCoin Center:\n\nU.S. Treasury sanction of privacy tools places sweeping restrictions on all Americans\n\nCoin Center is suing OFAC over its Tornado Cash sanction\n\nDenial of Coin Center\u2019s motion in its case against the US Treasury over OFAC sanctions\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices