UNCHAINED: Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 17 November 2023
⏱️ 40 minutes
🔗️ Recording | iTunes | RSS
🧾️ 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
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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Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.
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Transcript
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| 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. |
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