Payments over $10K must be reported to the government, but for how long?
Some broadly crypto-skeptical privacy advocates have come out in favor of Coin Center. Evan Greer, director of digital rights advocacy group Fight for the Future, tweeted in favor of the legal challenge, writing that supporters of basic rights “should oppose unconstitutional expansions of surveillance that will disproportionately harm marginalized and over-policed communities.”and have advocated for a more nuanced set of reporting mandates rather than a complete overturn.
When the new requirement was made law through the infrastructure bill, it wasn’t written as a new statute: rather, it was an amendment to an existing part of the US tax code — Section 6050I — that has been on the books for almost 40 years. The 6050I rule states that any person who receives more than $10,000 in cash as part of a business transaction must provide details of the sender to the IRS through a particular form. This cash reporting requirement, which became law in 1984, came on the heels of the Bank Secrecy Act of 1970: one of the first major laws to address money laundering in the United States.
The law has been in effect ever since, without any significant change until now. In the infrastructure bill, a critical change ofwas made to 6050I, expanding the definition of cash to include “any digital asset” and thereby extending the tax code’s reporting requirements to cryptocurrency. And because of this construction, a successful challenge on behalf of cryptocurrency users could mean overturning the statute completely.
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