Financial privacy is a limited right in the US (and in most other countries), you’re not allowed to hide financial assets or transactions from the government. You can think that’s bad, but it’s unambiguously the law (the Supreme Court ruled on the constitutionality of the Bank Secrecy Act back in the 70’s.) The sanctions were entirely predictable, no one should be surprised.
> The Bank Secrecy Act (BSA) is U.S. legislation aimed at preventing criminals from using financial institutions to hide or launder money.
> The law requires financial institutions to provide documentation to regulators whenever their clients deal with suspicious cash transactions involving sums over $10,000.
> The law does not require documentation for every transaction over $10,000, but businesses must file Internal Revenue Service (IRS) Form 8300 if they receive more than $10,000 in cash from one buyer.
