4.8 • 689 Ratings
🗓️ 17 November 2023
⏱️ 40 minutes
🔗️ Recording | iTunes | RSS
🧾️ Download transcript
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 |
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
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
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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. |
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