In a potentially far-reaching move, Coin Center's case challenging Congress's expansion of Section 6050I of the tax code was dismissed yesterday. This event is a wake-up call for all Americans - not just for Bitcoiners - as it lays the groundwork for expansive surveillance, no Central Bank Digital Currency (CBDC) required.

This development can be traced back to a largely overlooked addition to Biden’s Infrastructure Bill in 2021. This "sneaky" addition introduced an extensive reporting mandate for those involved in Bitcoin and cryptocurrency transactions. Now, with Coin Center's case being dismissed, the enforcement of this law will commence on January 1st, 2024.

According to the new legislation, any party receiving Bitcoin or cryptocurrency payments greater than $10,000 will be obligated to report the transaction to the government. Moreover, they will have to divulge the personally identifiable information of the sender. All of this can be done without a warrant.

Coin Center has voiced its concerns over the intrusive nature of this mandate. The reporting obligation will compel Americans who transact using Bitcoin and cryptocurrencies to disclose highly personal information. This includes their names, Social Security numbers, home addresses, and other sensitive information. 

Once Bitcoin is received by someone, the receiver will only have fifteen days to relay all this information, along with the details of their transactions, to the federal government. 

To add to this, the 2021 amendment's reporting mandate would require the receivers to maintain records of their transactions and the personal identifying information of senders for five years. This could potentially put a significant portion of the American public under unprecedented surveillance.

Many view this as a flagrantly unconstitutional move by the Biden Administration, which infringes on the privacy rights of citizens. 

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