Cryptocurrency advocacy group DeFi Education Fund (DEF) has urged a United States court to consider the unique aspects of blockchain technology when evaluating the privacy rights of cryptocurrency users under the Fourth Amendment.<\/p>\n
DEF filed an amicus brief to the U.S. Court of Appeals (First Circuit) on Oct. 20, supporting James Harper\u2019s appeal against the Internal Revenue Service as part of a fight to prevent the U.S. government from having unfettered access to a user’s transaction history on cryptocurrency platforms.<\/p>\n
Harper was one of 14,355 Coinbase users whose data was handed over by the cryptocurrency exchange to the IRS <\/u>following a court order in 2017, which sparked a fight for stronger digital privacy rights.<\/p>\n
DEF argued that the Fourth Amendment needs to be revised to rebalance law enforcement\u2019s investigative powers and an individual\u2019s right to financial privacy in the digital age.<\/p>\n
\u201cWhen old precedents meet new technology, courts must \u2018assure preservation of that degree of privacy against government that existed when the Fourth Amendment was adopted.\u2019\u201d<\/p><\/blockquote>\n
The Fourth Amendment of the U.S. Constitution serves to protect people from unreasonable searches and seizures by the government. <\/p>\n
DEF also pointed to the case of Carpenter v United States to argue that the Fourth Amendment limits the U.S. government\u2019s capacity to obtain data from third-parties platforms like Coinbase.<\/p>\n
The advocacy group further explained that because cryptocurrency transactions are traceable on public ledgers, it is possible to connect real-life identities to their pseudonymous addresses. <\/p>\n
This impacted the livelihoods of all 14,355 users in the Coinbase case, DEF explained:<\/p>\n
\u201cThe government\u2019s request in this case therefore implicated every user\u2019s every transaction, now and forever, including their \u2018familial, political, professional, religious, and sexual associations.\u201d<\/p><\/blockquote>\n
\u201cIt gave the government a \u201cdetailed, encyclopedic, and effortlessly compiled\u201d synopsis of the lives of Harper and 14,354 others,\u201d DEF added.<\/p>\n
This degree of insight far exceeds what is attainable through traditional banking records, the lobby group argued.<\/p>\n
Related: <\/em><\/strong>Blockchain privacy groups urge new US Congress to protect privacy rights <\/em><\/strong><\/p>\nThe DeFi Education Fund’s mission is to educate policymakers about the benefits of decentralized finance and to achieve regulatory clarity for the DeFi ecosystem.<\/p>\n
The final decision of Harper v Werfel and Internal Revenue Services is expected to set a precedent for digital privacy rights and law enforcement measures in the U.S.<\/p>\n
Magazine: <\/em><\/strong>Best and worst countries for crypto taxes \u2014 Plus crypto tax tips<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Cryptocurrency advocacy group DeFi Education Fund (DEF)<\/p>\n","protected":false},"author":3,"featured_media":182813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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