Transcript Ep.571: 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.

Peter Van Valkenburgh:

It's much better in all legal areas and policy areas generally to have technology neutral standards. And the amazing thing about that original broker definition, which should just be the definition here as well, is it doesn't mention technology anywhere. It's about a relationship between the customer and the professional. It's about a trust relationship.

Laura Shin:

Hi, everyone. Welcome to Unchained, your no-hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full-time. This is November 17th, 2023 episode of Unchained.

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Today's guest is Peter Van Valkenburgh, Director of Research at Coin Center. Welcome, Peter.

Peter Van Valkenburgh:

Hi, Laura. It's always a pleasure to be here.

Laura Shin:

Pleasure having you. There's a new broker rule that's being proposed by the IRS for tax reporting that is causing concern in the crypto community. What does the rule say and why has it gotten so much attention?

Peter Van Valkenburgh: