The Supreme Court struck down the Corporate Transparency Act (CTA), which required businesses to disclose ownership details. Justice Ketanji Brown Jackson was the sole dissenter.
The ruling followed a request from the U.S. Department of Justice and came soon after a new administration took office. Enacted in 2021 as part of a defense bill, the CTA mandated small business owners to submit personal information, including birth dates and addresses, to the Financial Crimes Enforcement Network to combat financial crimes.
The decision raises concerns about regulatory oversight and the fight against illicit financial activities.
