CoinCenter suit alleges Tornado Cash sanction exceeded statute
are Patrick O'Sullivan, a user; David Hoffman, a prominent crypto commentator from Bankless who was involuntarily implicated by the sanctions and an anonymous person who used TornadoCash to make private donations to causes.Law firms Consovoy McCarthy and Abraham Sutherland are representing Coin Center and the plaintiffs in the case.Coin Center makes a few arguments. Broadly, it notes that Ethereum by its very nature is not private, like the traditional financial system.
Finally, it said that sanctions have a chilling effect on Americans' willingness to associate with each other via transactions since it makes it difficult for those whose wealth is on Ethereum to transact privately.Hoffman's case is worth explaining. He has a known Ethereum address. An unknown user sent veryEthereum is push only. There's no way to reject a transaction, and because the perpetrator of the dusting used Tornado Cash, there's no way to know who to send the ETH back.
Technically, this could implicate those wallet owners, under the sanctions, though there's no known example of OFAC pursuing such a case.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Think Tank Coin Center Sues US Treasury Over Tornado Cash SanctionsNEW: coincenter sued the U.S. Treasury Department over its Tornado Cash sanctions, becoming the second group after Coinbase to fund a legal effort to declare the action unlawful. nikhileshde reports
Read more »
Coin Center sues Treasury over Tornado Cash sanctionsThe group and other plaintiffs sued Treasury, arguing that the sanctions, “exceeded their statutory authority because Tornado Cash is used to complete functions that do not include 'any property in which any foreign country or a national thereof has any interest.'”
Read more »
U.S. Treasury fines crypto exchange Bittrex $29 million over years-long sanctions violationsThe Treasury has been increasingly vocal about crypto exchanges' need to comply with sanctions since the summer of ransomware attacks last year.
Read more »
S&P 500 Extends Slide as Traders Eye Economic Data, Bank EarningsS&P 500 sinks by 1% as traders brace for CPI on Thursday. Fedspeak remains hawkish as FOMC looks to talk down market. Bank earnings to set the tone for Q3 earnings season.
Read more »