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In an effort to close perceived loopholes, Treasury recommends massive expansion of warrantless surveillance and power to sanction open-source software

This week, the U.S. Department of the Treasury sent a letter to the heads of the Senate Banking and House Financial Services Committees following a briefing on how Hamas and...

It’s time to have the conversation: Is the Bank Secrecy Act unconstitutional?

Today we’re publishing another report on the Bank Secrecy Act (BSA) entitled “Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act.” In our 2019 report, “Electronic Cash, Decentralized...

Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act

The Bank Secrecy Act (BSA) allows the Secretary of the Treasury to demand transaction surveillance and reports of personal information from a category of entities defined as “financial institutions.” Originally...

There’s a centuries-old standard that tells us when regulation of crypto is justified

Today Coin Center submitted a comment letter in the Treasury Department’s ongoing rulemaking on the definition of “broker” for third-party tax reporting purposes. In brief, we argue that the definition...

Comments to the Department of Treasury on “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions”

A direct download of this comment is available here. To whom it may concern: Coin Center is an independent nonprofit research and advocacy center focused on the public policy issues...

Treasury’s proposed ‘broker’ rules expand surveillance well beyond a ‘third party doctrine’ that’s already stretched thin

Late last month the Treasury Department published a proposed regulation to define when a person in crypto qualifies as a “broker” under the tax code and therefore must collect personal...

New Tornado Cash indictments seem to run counter to FinCEN guidance

Roman Storm and Roman Semenov have been indicted for, among other charges, conspiracy to operate an unlicensed money transmitting business. We don't have all the facts but at first blush...

When does a sanction become a seizure? Lessons from the KindHearts case

While researching case law for our Tornado Cash challenge I came across a very interesting holding, KindHearts v. Geithner, that deals with the intersection of the Office of Foreign Assets...

The CANSEE Act is a messy, arbitrary, and unconstitutional approach to DeFi

Yesterday Senators Reed, Rounds, Warner, and Romney introduced the Crypto-Asset National Security Enhancement (CANSEE) Act in the Senate. This bill comes as a surprise as it was apparently developed without...

Treasury’s new DeFi risk assessment relies on ill-fitting frameworks and makes potentially unconstitutional recommendations

Yesterday the Treasury Department released a “DeFi Illicit Finance Risk Assessment.” While the report does not announce any new or changed policy, and correctly acknowledges the much larger illicit finance...

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