> The US government will soon have a database of all (complying) beneficial owners. This database will eventually be hacked, leaked, shared with local law enforcement (further allowing it to be leaked).
The BOI requirements of the CTA were recently ruled unconstitutional (as exceeding federal commerce-clause power and encroaching on powers reserved to states) in the first major test case before a federal court. [1]
Since it was ruled unconstitutional on reserved powers grounds, they didn't even reach the 4th amendment implications, but there may be further consideration as these cases make their way up the court heirarchy.
It's definitely not certain that this database is going anywhere.
> How will the "rich people" maintain privacy/secrecy after the Corporate Transparency Act?
The same way they do now. The CTA as formulated was only binding on non-publicly-traded companies with 20 or fewer employees. It also explicitly exempted companies whose primary business activity is financial services or asset holdings. This is why many regard it as an attack on small business disguised as an accountability measure for big business.
The BOI requirements of the CTA were recently ruled unconstitutional (as exceeding federal commerce-clause power and encroaching on powers reserved to states) in the first major test case before a federal court. [1]
Since it was ruled unconstitutional on reserved powers grounds, they didn't even reach the 4th amendment implications, but there may be further consideration as these cases make their way up the court heirarchy.
It's definitely not certain that this database is going anywhere.
> How will the "rich people" maintain privacy/secrecy after the Corporate Transparency Act?
The same way they do now. The CTA as formulated was only binding on non-publicly-traded companies with 20 or fewer employees. It also explicitly exempted companies whose primary business activity is financial services or asset holdings. This is why many regard it as an attack on small business disguised as an accountability measure for big business.
[1] https://www.thomsonreuters.com/en-us/posts/corporates/cta-un...