meta_pixel
Tapesearch Logo
Log in
CoinDesk Podcast Network

UNCHAINED: Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So

CoinDesk Podcast Network

CoinDesk

Cryptocurrencies, Cryptocurrency, Dlt, Tokenization, Coindesk, Distributed Ledger, Blockchain, Tech News, Business News, Ethereum, Bitcoin, News, Digitalassets, Daily News, Decentralization, Defi, Crypto, Business

4.8 • 689 Ratings

🗓️ 17 November 2023

⏱️ 40 minutes

🧾️ Download transcript

Summary

Coin Center’s Peter Van Valkenburgh believes that the U.S. Treasury could use the Bank Secrecy Act in a dark way against crypto developers. 


In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains. 

Additionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto. 

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights | 

  • What does the IRS's proposed broker rule entail for crypto tax reporting and why this could  have a negative impact on the industry
  • What responsibilities do brokers in the crypto space now face
  • Why the IRS didn’t use Congress's amended language from the infrastructure bill
  • Why Peter argues that the IRS’s new proposed broker rule on crypto is unconstitutional and the principles at stake
  • The alternative approaches Peter suggests the IRS could adopt for more effective and fair regulation
  • Why Peter has concerns for crypto developers about the potential application of the Bank Secrecy Act
  • What actions Coin Center is undertaking to advocate for changes in the Bank Secrecy Act to better align with crypto realities
  • Why Coin Center is appealing in its lawsuit against the Treasury Department over the OFAC sanctions on Tornado Cash


Thank you to our sponsors!  Arbitrum Foundation Popcorn Network

Guest |

Peter Van Valkenburgh, director of research at Coin Center

Previous appearances on Unchained: 

Why the SEC Is Probing Yuga Labs and Coin Center Is Suing Treasury

How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law

Why the SEC's Proposed Rules Affecting DeFi Could Violate the First Amendment


Links | 

IRS Crypto Regulation

Coin Center: Report Electronic Cash, Decentralized Exchange, and the Constitution

The Blockchain Association’s letter opposing tax regulations proposed by the IRS

CoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule

Patriot Act 

California Bankers Assn. v. Shultz


Bank Secrecy Act

Coin Center:

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


Tornado Cash

Coin Center:

U.S. Treasury sanction of privacy tools places sweeping restrictions on all Americans

Coin Center is suing OFAC over its Tornado Cash sanction

Denial of Coin Center’s motion in its case against the US Treasury over OFAC sanctions

-

Unchained Podcast is Produced by Laura Shin Media, LLC.  Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz. 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

Click on a timestamp to play from that location

0:00.0

Audible brings your wildest adventures to life, delivering heart-pounding thrills at the touch

0:05.8

of a button.

0:07.0

Take Richard Osmond's The Thursday Murder Club, where four retirees turned amateur sleuths

0:11.8

solve crimes in the most unexpected ways, brilliantly performed by Leslie Manville.

0:17.1

Ready to unleash your adventure aside, from pulse racing suspense to epic quests, from supernatural

0:22.6

chills to far-off romances, every story comes alive through world-class narration.

0:28.5

Explore exclusive audible originals, chart-topping new releases, and unforgettable bestsellers

0:34.4

that transport you from the very first word, because the next great

0:38.2

adventure is just a listener way. Start your free 30-day trial at audible.com slash

0:43.9

Wondery UK. That's audible.com slash Wondery UK.

0:49.7

Thanks for listening to Unchained, your no-hype resource for all things crypto, on the Coin Desk

0:54.9

Podcast Network. You can also listen to the episodes on the Unchained feed earlier if you subscribe there.

1:01.4

Plus, check out all our content on our website, Unchained Crypto.com.

1:06.5

It's much better in all legal areas and policy areas generally to have technology neutral

1:12.8

standards. And the amazing thing about that original broker definition, which should just be

1:17.0

the definition here as well, is it doesn't mention technology anywhere. It's about a relationship

1:21.6

between the customer and the professional. It's about a trust relationship.

1:30.2

Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host,

1:35.2

Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior

1:40.4

editor at Forbes was the first Main Tree meter porter to cover cryptocurrency full-time.

1:44.9

This is November 17th, 2020-free episode of Unchained.

1:48.8

VaultCraft by Popcorn is your no-code defy toolkit for building automated, non-custodial

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.