Crypto investors backed by Coinbase sue U.S. Department of Treasury after Tor...
Coinbase says that the Treasury overstepped its authority in issuing the Tornado Cash sanctions. According to a new lawsuit filed in the U.S. District Court, Western District of Texas. On Thursday, six users of the Ethereum blockchain and cryptocurrency mixer Tornado Cash sued the U.S. Department of Treasury, alleging that its recent designation of 44 Tornado Cash smart contract addresses to the Specially Designated Nationals (SDN) list of the Office of Foreign Asset Control (OFAC) is "not in accordance with law."Since Aug. 8, U.S. persons and entities have been prohibited from interacting....
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American bankers are urging the US Treasury Department to enforce the prohibition on interest for payment stablecoins in the GENIUS Act. In response, cryptocurrency exchange Coinbase, has called on the Treasury to ensure that the forthcoming regulations align with Congress’s original intentions regarding the act. Coinbase Pushes Back On GENIUS Act’s Interest Restrictions According to […]
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued its first-ever sanctions on a crypto mixer. The mixing service was used by Lazarus Group to process illicit proceeds from the $620 million crypto heist of the online game Axie Infinity, said the Treasury Department. Treasury Department Sanctions Crypto Mixer The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Friday that it has sanctioned crypto mixer Blender.io (Blender). According to the OFAC, this mixing service is used by the Democratic....
The U.S. Department of the Treasury does not see that cryptocurrency could be used in a large-scale way to evade sanctions. “Its share as a medium for illicit finance is not anywhere as large as just using cash,” a senior Treasury official noted.
Treasury Department’s View on Crypto Use to Evade Sanctions
Nellie Liang, Treasury undersecretary for domestic finance, talked about the potential use of cryptocurrency as a tool to evade sanctions for Russia Friday in an interview with Reuters.
The senior Treasury official explained that the crypto....
The U.S. Department of the Treasury says that the growing use of crypto assets challenges the efficacy of American sanctions. “We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,” the Treasury Department explained. Treasury Says Crypto Threatens Efficacy of U.S. Sanctions The U.S. Department of the Treasury released its 2021 Sanctions Review Monday. “Technological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all....
IRS should have done better to make it easier for the cryptocurrency community to file taxes instead of labeling all Coinbase users as potential tax evaders. The recent incident involving Coinbase and IRS is well known. The US government department responsible for enforcing tax compliance had issued a John Doe summons to the leading cryptocurrency platform. The summons demanded the company to furnish details about all its customers, their entire transaction history from 2013 till 2015 and any other information associated with their accounts. The demands of IRS have been contested by....