Month: November 2023

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CoinDesk Podcast Network - UNCHAINED: Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So

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

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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. 

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

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Federalist Radio Hour - Seamus Bruner On The ‘Controligarchs’ Taking Over The World

On this episode of "The Federalist Radio Hour," Seamus Bruner, associate director of research at the Government Accountability Institute, joins Federalist Culture Editor Emily Jashinsky to discuss the rise of the billionaire ruling class and explain how members of the wealthy echelon use their money to execute a globalist agenda.

You can find Bruner's book "Controligarchs: Exposing the Billionaire Class, their Secret Deals, and the Globalist Plot to Dominate Your Life" here.

Please visit our great sponsor:

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Stuff They Don't Want You To Know - CLASSIC: What is the Key of Solomon?

Imagine that you could possess a genuine, real-life spellbook -- something that could enable you to summon and command otherworldly powers, to accrue riches and shed light on the dark mysteries of the heavens. People who believe such a thing is possible often point to the legendary Key of Solomon as proof that genuine grimoires exist. But what is this book, exactly? Tune in as the guys attempt to separate the fact from fiction surrounding the Key of Solomon.

They don't want you to read our book.: https://static.macmillan.com/static/fib/stuff-you-should-read/

See omnystudio.com/listener for privacy information.

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CoinDesk Podcast Network - MARKETS DAILY: Crypto Update | Which Asset Would Benefit More From a U.S. Spot ETF – Bitcoin, or Ether?

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores consumer signals, energy prices, market moves, ETF comparisons and more.

Today's episode is sponsored by CME Group and PayPal.

To get the show every day, follow the podcast here.

Today’s Stories:

A Physical Dogecoin Could Reach the Moon in December 

(WMT) Walmart Lifts Profit Outlook, Stays Cautious on US Consumers - Bloomberg 

Target (TGT) Profit Blows Past Expectations Amid Leaner Inventories - Bloomberg 

Home Depot (HD) Narrows Guidance for Full Year Profit, Revenue - Bloomberg 

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Disclaimer:

This communication is not directed to investors located in any particular jurisdiction and is not intended to be accessed by recipients based in jurisdictions in which distribution is not permitted. The information herein should not be considered investment advice or the results of actual market experience. Past results are not necessarily indicative of future performance. Trading derivatives products involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation.

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This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.

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

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The Commentary Magazine Podcast - Tunnels and Anti-Semites

The full podcast crew is back today to discuss the weird moment when people started to crow about how the Israelis weren't finding the Hamas tunnels at the hospital—only to fall silent when they were found. And the anti-Semitism explosion just gets worse, with Elon Musk, Candace Owens, Charlie Kirk, and Tucker Carlson playing along. Give a listen.

Learn more about your ad choices. Visit megaphone.fm/adchoices

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Focus on Africa - What reparations does Africa want?

Calls for a global fund to compensate Africans for the transatlantic slave trade were made at a recent summit in Ghana. However, what form should this compensation take?

Sudan civil war: Returning home to Port Sudan after escaping clashes bewteen Sudan government solders and the RSF paramilitary unit. Reporter Osman Mohamed shares his experience. At nearly five million, the country officially has the highest number of internally displaced people in the world.

And a South African initiative which gives abandoned babies a new lease of life ordered to close for ''breaking law''

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Reset with Sasha-Ann Simons - Chicago Launches Reentry Program For People Released From Jail And Prison

Mayor Brandon Johnson lists reducing recidivism as part of his community safety plan. In that spirit, his office has launched a collaboration between the Chicago Department of Family and Support Services and community groups to fast track housing and jobs for people getting out of Cook County Jail and state prisons. Reset learns more about this collaboration and how it works. For more conversations about topics impacting Chicagoans, head over to wbez.org/reset.