Oct. 30, 2023
Reasons why this is unconstitutional Commerce Clause: Some might argue that the regulation of cryptocurrency should be left to the states, and that federal intervention could be an overreach of the Commerce Clause, which grants Congress the power to regulate commerce with foreign nations, among the several states, and with the Indian tribes. Fourth Amendment: If the regulations lead to increased surveillance or reporting requirements for cryptocurrency transactions, there could be arguments about violations of the Fourth Amendment, which protects against unreasonable searches and seizures. First Amendment: Cryptocurrency and its underlying technology, blockchain, can be used for various forms of expression. If regulations are seen as stifling innovation or the ability to communicate or transact freely, there could be an argument for breaking the First Amendment. Due Process: If the regulations result in penalties or other negative consequences for individuals or entities dealing with cryptocurrency, there could be arguments about violations of due process rights, particularly if the rules are not clear or are applied arbitrarily.