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Coin Center, a Washington, D.C., nonprofit that advocates for decentralized computing technologies, argued that OFAC had overstepped its authority. According to its rules, OFAC can only target entities that are individuals or companies. But Tornado Cash smart contracts are neither; they cannot alter their behavior, nor lodge an appeal with
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On an otherwise quiet day last month, the crypto industry woke up to big news – the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) added 45 public Ethereum addresses to the sanctions blacklist, including addresses where the Tornado Cash byte code, or smart contract, was stored, potentially rendering
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The internet hosting and software development subsidiary of Microsoft, Github, has partially unbanned the Tornado Cash repositories following the recent sanctions enforced by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC). Github’s decision follows the U.S. Treasury updating the public, noting that U.S. persons can copy, view, and
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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.Chainalysis chief scientist shared his views on the Tornado Cash saga and said that the incident has left a void for illicit fund mixing services,
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Crypto mixer Tornado Cash has returned to the software development platform GitHub after several weeks of being banned on the website.Ethereum developer Preston Van Loon took to Twitter on Thursday to report that GitHub has partly unbanned the Tornado Cash organization and contributors on their platform. The developer suggested that Tornado
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GitHub is a centralized internet hosting service for software development often used by Ethereum developers. Within hours of the OFAC announcement, GitHub, along with other platforms, removed Tornado Cash from their sites in order to comply with the new U.S. regulation. Source
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On Sept. 8, Coinbase announced it was bankrolling a lawsuit against the United States Treasury Department. The cryptocurrency exchange is funding a lawsuit brought by six people that challenges the sanctions on Tornado Cash. And on Sept. 9, Securities and Exchange Commission (SEC) Chair Gary Gensler announced he was working hard
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The U.S. Department of the Treasury has answered some questions on regulatory compliance relating to Tornado Cash, a recently sanctioned crypto mixer. The answers include how to withdraw crypto or complete transactions initiated using Tornado Cash prior to its sanction and how to deal with “dusting” transactions. Treasury Department Publishes Tornado
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The U.S. government's decision to sanction Tornado Cash and force blockchains to make transaction data public has dangerous geopolitical implications in the tech race against China. Source
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Coinbase’s lawsuit claims the sanctions themselves are a violation of the First Amendment, which establishes the right of free speech. In the landmark case of 1996, Bernstein v. the Department of Justice (DOJ), it was established that computer code should be considered speech, and the right to free speech is
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