north america 704 crypto neutral
The Blockchain Association has expressed its support for six plaintiffs who are suing the United States Treasury Office of Foreign Assets Control (OFAC) over its sanctions on Tornado Cash, a cryptocurrency mixer. In a recent amicus curiae brief, the crypto advocacy group argued that OFAC’s decision to sanction the privacy protocol was not only unlawful but also exceeded its statutory authority and violated the U.S. Constitution. This is the second amicus brief filed by the Blockchain Association in support of Tornado Cash users who are appealing a lower court’s ruling upholding OFAC’s decision. The association’s senior counsel emphasized that OFAC should focus on sanctioning bad actors rather than banning tools like Tornado Cash, which she claimed falls outside OFAC’s authority. The Blockchain Association suggested that OFAC should seek approval from Congress to ban crypto mixers and not stretch its existing authorities. The association has long maintained that Tornado Cash operates without human intervention or assistance. OFAC initially sanctioned Tornado Cash in August 2022, alleging that it had been used for money laundering activities. Coinbase, a crypto exchange, has also backed the lawsuit.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography North America
Countries 🇺🇸
Sentiment neutral
Relevance Score 1
People Marisa Coppel
Companies Congress, Coinbase, Tornado Cash, The Blockchain Association, United States Treasury Office of Foreign Assets Control (OFAC)
Currencies None
Securities None

Leave a Reply