Tucked Inside Biden Infrastructure Bill: Unconstitutional Crypto Surveillance

Tucked Inside Biden Infrastructure Bill: Unconstitutional Crypto Surveillance
Before U.S. President Joe Biden signed the Infrastructure Investment and Jobs Act into law in November, many groups spoke out against a provision that broadens the tax code’s definition of “broker.” But there is another hidden cryptocurrency provision in this new law that amends part of the tax code in a way that will greatly expand financial surveillance, criminalize certain cryptocurrency transactions and, in my view, violate the Fourth Amendment of the U.S. Constitution.This provision alters Section 6050i of the tax code, which requires businesses that receive more than $10,000 in cash to collect identity details of the person paying…