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Crypto Privacy Battle: US Businesses to Collect User IDs on $10,000 Crypto Purchases Sparks Controversy

US businesses will soon be required to collect personal information, such as name, address, and government ID, from individuals using over $10,000 worth of cryptocurrency for purchases. This has sparked a privacy battle in the crypto industry, with Coin Center suing the Treasury Department over concerns of unconstitutional surveillance. A judge dismissed the lawsuit, citing its premature nature, but Coin Center has appealed the decision.

The regulation will take effect in 2024, and critics argue that it compromises privacy and enables extensive government surveillance. The debate reflects ongoing discussions among lawmakers regarding cryptocurrency regulation and the balance between innovation and financial security.

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