Sec. 8. Privacy protections for digital assets and payment stablecoin users
150 words·~1 min read·
/bill/117/s/5340/is/section-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary of the Treasury may not collect or mandate the collection of nonpublic information about digital asset transactions unless the information is— particularly described in a search warrant granted by a judge upon a finding of probable cause that 1 or more of the participants to the transaction committed or is committing a crime; or voluntarily provided by a customer of a financial institution, business, or other third party and held for a legitimate business purpose by that financial institution, business, or third party.
A national limited payment stablecoin issuer shall be subject to title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6801 et seq. ). Nothing in this section may be construed to limit— any duty to report taxable income; any duty to disclose foreign account ownership; or the ability of the Internal Revenue Service to conduct investigations pursuant to a warrant or other regular legal process.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 8
Privacy protections for digital assets and payment stablecoin users
Cites 1Cited by 0 across 0 sources