Is the Beneficial Ownership Reporting rule unconstitutional?

The Corporate Transparency Act (CTA) created the Beneficial Ownership Information reporting rule, which requires most small corporations and LLCs to register with the Treasury’s FinCEN or face steep penalties. The National Small Business United challenged CTA as unconstitutional and a district court agreed. The court said the CTA’s policy, aimed at preventing financial crimes, might be good, but that doesn’t make it constitutional. #IdeaoftheDay