{"id":100786,"date":"2024-11-23T07:00:03","date_gmt":"2024-11-23T11:00:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100786"},"modified":"2024-11-23T07:00:07","modified_gmt":"2024-11-23T11:00:07","slug":"us-crypto-policy-improves-coin-center-warns","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/us-crypto-policy-improves-coin-center-warns\/","title":{"rendered":"US Crypto Policy Improves, Coin Center Warns of Surveillance Risks"},"content":{"rendered":"\n

Coin Center anticipates improved US crypto regulation<\/a> after the elections, especially for stablecoins and markets, but warns of ongoing surveillance and privacy risks.<\/p>\n\n\n\n

\"US
US Crypto Policy Improves, Coin Center Warns of Surveillance Risks<\/figcaption><\/figure>\n\n\n\n

Coin Center, a crypto advocacy organization, expressed a cautiously optimistic perspective on the future of US crypto regulation in the wake of the recent elections.<\/p>\n\n\n\n

Although it anticipates advancements in the regulation of securities and banking, it cautions against persistent hazards in the areas of surveillance and tax reporting.<\/p>\n\n\n\n

Research director Peter Van Valkenburg anticipates that a potentially more crypto-friendly administration will result in more transparent regulations regarding stablecoin<\/a> issuers and centralised markets in his analysis.<\/p>\n\n\n\n

\n

\u201cAt the agency level, there\u2019s reason to believe that controversial ongoing rulemakings will be frozen or even abandoned due to President Trump\u2019s generally pro-crypto stance,\u201d he states.<\/p>\n<\/blockquote>\n\n\n\n

Nevertheless, the organization continues to harbor reservations regarding the severity of regulations that target privacy-oriented technologies and decentralized tools.<\/p>\n\n\n\n

Surveillance and Privacy<\/h2>\n\n\n\n

Van Valkenburg identifies obstacles associated with IRS reporting<\/a> requirements, sanctions on tools such as Tornado Cash, and prosecutions for unlicensed money transmission.<\/p>\n\n\n\n

The personal information of recipients is required to be disclosed for transactions exceeding $10,000, as mandated by the IRS's 6050I reporting requirements.<\/p>\n\n\n\n

Coin Center contends that these regulations constitute warrantless surveillance and is currently contesting their constitutionality in court.<\/p>\n\n\n\n

The organization has also been one of the most vocal in its opposition to sanctions on crypto-mixing tools such as Tornado Cash\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. Coin Center argues that sanctions laws should not be applied to immutable smart contracts.<\/p>\n\n\n\n

Lastly, Van Valkenburgh identifies unlicensed money transmission prosecutions, including those involving Tornado Cash and Samurai Wallet developers, as a concerning precedent.<\/p>\n\n\n\n

The Department of Justice is pursuing these cases, which obfuscate the distinction between financial services and software creation.<\/p>\n\n\n\n

Coin Center is cautiously optimistic about the potential for progress under a new administration and a more engaged Congress, despite these challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"

Coin Center anticipates improved US crypto regulation after the elections, especially for stablecoins and markets, but warns of ongoing surveillance and privacy risks. Coin Center, a crypto advocacy organization, expressed a cautiously optimistic perspective on the future of US crypto regulation in the wake of the recent elections. Although it anticipates advancements in the regulation […]<\/p>\n","protected":false},"author":36,"featured_media":100787,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[9172,23023],"class_list":["post-100786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coin-center","tag-us-crypto-policy"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/cryptocurrency-regulation-and-law-enforcement-in-us-during-2021-min.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100786"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/100787"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}