Coin Center Says OFAC’s Tornado Cash Ban ‘Exceeds Statutory Authority,’ Plans...
On August 15, the non-profit that focuses on policy issues facing crypto assets, Coin Center, published a blog post that says the organization is looking at the legality of the recent Tornado Cash sanctions enforced by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC). The post, published by Coin Center’s Jerry Brito and Peter Van Valkenburgh, explains that by treating autonomous code as a ‘person’ “OFAC exceeds its statutory authority.” Coin Center Insists ‘OFAC Has Overstepped Its Legal Authority’ Coin....
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“By treating autonomous code as a ‘person’ OFAC exceeds its statutory authority,” said Coin Center's Jerry Brito and Peter Van Valkenburgh. United States-based crypto policy advocacy group Coin Center said it intended to “pursue administrative relief” for individuals affected by Tornado Cash sanctions imposed by the Treasury Department’s Office of Foreign Asset Control, or OFAC.In a Monday blog post, Coin Center executive director Jerry Brito and director of research Peter Van Valkenburgh alleged OFAC “overstepped its legal authority” when it named cryptocurrency mixer Tornado Cash and 44....
The non-profit that focuses on policy issues facing cryptocurrencies, Coin Center, has filed a lawsuit against the Treasury department, the secretary of the Treasury Janet Yellen, and the Office of Foreign Assets Control’s (OFAC) director Andrea Gacki. Coin Center’s court filing says that the government’s sanctioning of Tornado Cash exceeds the Treasury’s statutory authority. The Coin Center lawsuit insists that Americans have a right to privacy and a right to protect their property, as Tornado Cash can be used for these benefits in a legitimate fashion.
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On August 8, the ethereum mixing service Tornado Cash, and all the crypto addresses associated with the platform, were officially banned by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC). Following the ban, the internet hosting service for software and open source code development, Github, erased some of the Tornado Cash commits and suspended some of the project’s contributors. Tornado Cash Github Contributors Suspended from Github, Blacklisted ERC20s Left to Liquidity Providers Tornado Cash has become a topical conversation in the world of....
On Monday, the U.S. Treasury Department’s watchdog the Office of Foreign Asset Control (OFAC) banned the ethereum mixing application Tornado Cash. OFAC has cited that the mixer has helped North Korean hackers such as the hacking syndicate known as Lazarus Group.
OFAC Sanctions Tornado Cash Mixing App
OFAC has officially banned the Tornado Cash and Tornado Cash Classic websites alongside all of the digital currency addresses allegedly associated with the site.
“The following entity has been added to OFAC’s SDN list: Tornado Cash,”....
The advocacy group alleged OFAC “exceeded their statutory authority” in sanctioning Tornado Cash because the mixer was a “privacy tool beyond the control of anyone.” United States-based crypto policy advocacy group Coin Center has followed through with its intention to take the Treasury Department’s Office of Foreign Asset Control, or OFAC, to court over sanctioning cryptocurrency mixer Tornado Cash.In an Oct. 12 filing in the U.S. District Court for the Northern District of Florida, lawyers for Coin Center as well as crypto investor David Hoffman, an anonymous human-rights advocate known....