Coinbase is bankrolling six individuals suing the United States Treasury Department over its crackdown on Tornado Cash. The case will have huge ramifications for crypto users.
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 Chair Gary Gensler announced he was working hard with Congress to create legislation to increase cryptocurrency regulations.
But these two stories are not mutually exclusive. The sequence of events proves that governments are purely reactive rather than proactive when it comes toTornado Cash was sanctioned by the Office of Foreign Assets Control back in August. OFAC claimed the smart contract mixer has helped to launder more than $7 billion worth of cryptocurrency since its creation in 2019, including over $455 million stolen by the North Korean-linked hackers Lazarus Group.
Jake Chervinksy, a lawyer and head of policy at the Blockchain Association, tweeted in response, “Crypto is a novel & unique technology: how it should be regulated is a major question for Congress to decide.”Regardless, crypto is a novel & unique technology: how it should be regulated is a major question for Congress to decide.
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