In the US, the industry association Coin Center is suing parts of the crypto amendment introduced last year by the Biden administration's infrastructure package. Specifically, the data of all parties involved must be recorded if a transaction with cryptocurrencies exceeds a threshold of 10,000 US dollars.
According to the plaintiff, parts of the law violate the constitution. For example, human rights organizations and politically active NGOs would be forced to create and submit lists of their donors. Private individuals would also have to collect comprehensive data when receiving a transaction from other private individuals, who would only be obliged to disclose the data if there was a court order against them.
The plaintiffs said they would pursue the lawsuit all the way to the Supreme Court if necessary. In addition to Coin Center, two entrepreneurs and the mining company Quiet Industries are participating in the lawsuit.
Regulation often misses its target
The biggest problem with all approaches to better monitor and record cryptocurrency transactions lies in the idea that new technologies can be embedded in an old framework.
To a certain extent, this can succeed, and always when a service provider is involved who can be held accountable. In practice, this makes it much easier to require that they can identify their customers and disclose what type of business they did with them.
On the other hand, the idea that private individuals could be obliged to disclose their crypto transactions and invade the privacy of other private individuals seems to be a pure fanciful idea of bureaucracy. Aside from constitutional concerns, there is a problem here from a technical point of view. Because as soon as digital assets are traded via decentralized marketplaces using pseudonymous addresses, the claim can no longer be met.
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