A prominent non-profit crypto advocacy group is naming the biggest current threats to the digital assets industry.
In a new report analyzing crypto legislation after the 2024 US presidential election, Coin Center says the three biggest threats to the industry are the Internal Revenue Service’s (IRS) mandate to report crypto transactions larger than $10,000 (6050I), the sanctions placed on crypto mixer Tornado Cash and prosecutions again unlicensed money transmissions.
Coin Center says all of the threats mentioned may not be addressed by the next presidential administration.
“First, we already have ongoing litigation in the 6050I context; we are arguing that mandated warrantless reports to the IRS, which include personal information for those receiving $10,000 or more in crypto, are unconstitutional.
Second, we also have ongoing litigation in the Tornado Cash sanctions context; we are arguing that sanctions laws do not give the Treasury the power to ban Americans from using tools, like immutable smart contracts, that are neither foreign persons nor their property.
Third, we have watched with alarm as the Southern District of New York has brought unlicensed money transmission prosecutions against the developers of non-custodial software tools (Tornado Cash and Samurai Wallet), and we will continue to aid the defendants in those cases as best as we can.”
According to Coin Center, the notion that Donald Trump’s administration will be good for the centralized crypto industry is credible.
However, the firm is unsure if Trump’s administration will consider rolling back frivolous regulations aimed at the decentralized crypto sector, a move they expect Congress to consider.
“Less certain is whether the new administration will be interested in scaling back overzealous sanctions and AML (anti-money laundering) policies…
We’re nonetheless hopeful that there can be progress here if it becomes increasingly clear that even with a friendlier SEC (U.S. Securities and Exchange Commission), draconian surveillance and control policies will continue to drive innovators away from the US, chill development, and deny ordinary Americans the benefits of these technologies…
We are also optimistic that Congress may be primed to take on a bigger role in pushing back on these surveillance issues.”
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