Re:Tornado cash takedown and its repercussions
by from on Tuesday August 09, 2022 @09:19PM
(#32406850)
I am skeptical of this because if they just wanted to raise revenue at the expense of privacy there are a lot easier ways to do it. They could make FBAR apply domestically. Or just require banks report checks and wires over 50k. Banning Tornado Cash is a kind of decision made by self styled counterproliferation/illicit finance/terror finance/anti corruption "experts."
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Re:Tornado cash takedown and its repercussions
by JumpCrisscross on Tuesday August 09, 2022 @09:23PM
(#32406873)
> require banks report checks and wires over 50k
There is no reporting requirement, but a record-keeping one [1].
[1] https://www.fincen.gov/sites/default/files/shared/bsa_quickr...
Re:Tornado cash takedown and its repercussions
by from on Tuesday August 09, 2022 @09:41PM
(#32406988)
Yes but this is really only useful for them after they already discovered a target of investigation. Having this information for everyone would make the initial detection of tax evaders substantially easier.
Re:Tornado cash takedown and its repercussions
by JumpCrisscross on Wednesday August 10, 2022 @03:34AM
(#32408815)
> this information for everyone would make the initial detection of tax evaders substantially easier
The IRS and FinCEN don’t systematically share information. (Ironically, the IRS is more restricted in this respect [1].)