OFAC
Ethereum-Based Gaming Altcoin Leaps After Coinbase Listing Announcement
An Ethereum (ETH)-based gaming altcoin is skyrocketing after being abruptly listed by Coinbase, the top US-based crypto exchange platform by volume. In a new announcement, Coinbase says that starting on March 21st, it will be adding support for Ronin (RON), a protocol developed by play-to-earn blockchain game developer Sky Mavis, the same team that created […]
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US Government Sanctions Two Russian Nationals’ Crypto Wallets Related to Ransomeware Group LockBit
The US government is sanctioning the crypto wallets believed to belong to two Russian nationals linked to the ransomware group LockBit. In a statement, the Treasury Department’s Office of Foreign Assets Control (OFAC) says that it has sanctioned several Bitcoin (BTC) and Ethereum (ETH) wallets linked to the group. According to a press release, the […]
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North Korean Hackers Stole Over $600,000,000 Worth of Crypto in 2023, According to Blockchain Analytics Firm
New data from blockchain intelligence firm TRM Labs reveals that North Korean hackers stole over half a billion dollars worth of digital assets in 2023. According to a new study by the crypto analytics platform, hackers associated with the Democratic People’s Republic of North Korea (DPRK) looted $600 million worth of crypto assets last year. […]
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Tether Preparing To Give FBI Access to Firm’s Platform After Onboarding U.S. Secret Service: CEO Paolo Ardoino
Stablecoin issuer Tether (USDT) is preparing to give the Federal Bureau of Investigation (FBI) access to its platform soon after onboarding the U.S. Secret Service. In a new letter addressed to Senator Cynthia Lummis and Representative James French Hill, Tether chief executive Paolo Ardoino says that the crypto firm is onboarding law enforcement agencies as […]
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Bloomberg Analyst Says SEC Lining Up To Potentially Approve All Spot Bitcoin ETF Applications in January
A Bloomberg analyst says that the U.S. Securities and Exchange Commission (SEC) is gearing up to approve all bids for a spot market Bitcoin (BTC) exchange-traded fund (ETF). In a lengthy thread on the social media platform X, James Seyffart says that the SEC making earlier-than-expected rulings on Franklin’s bids for a BTC ETF means […]
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U.S. Government Enacts Sanctions on Crypto Mixer Sinbad Under Allegations of Aiding North Korean Money Laundering
The U.S. government is sanctioning another crypto mixing protocol, accusing it of aiding North Korea in laundering hundreds of millions of dollars worth of stolen digital assets. In a new press release, the U.S. Department of the Treasury says that its Office of Foreign Assets Control (OFAC) is sanctioning the crypto tumbler Sinbad for allegedly […]
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Crypto lobbyists still fighting to axe ‘unlawful’ Tornado Cash sanctions
The crypto industry advocacy group has placed its support behind Coin Center and its lawsuit against the U.S. Treasury over its Tornado Cash sanctions.
The Blockchain Association and the DeFi Education Fund have become the latest industry advocates to file their support of Coin Center’s lawsuit against the United States Treasury over its “unlawful” sanctions against Tornado Cash.
On June 2, the two cryptocurrency industry advocacy groups filed a joint amicus brief in support of Coin Center, arguing that the U.S. sanctions against the crypto mixer should be dropped.
1/ Today, my colleagues and I at @BlockchainAssn and our partners at @fund_defi filed an amicus brief in support of @coincenter's lawsuit against OFAC fighting against sanctions of the Tornado Cash software protocol.
— Marisa Tashman Coppel (@MTCoppel) June 2, 2023
https://t.co/mSZW7nVDOb pic.twitter.com/Y4CxjJtBrq
They called the sanctions imposed by the Treasury’s Office of Foreign Assets Control (OFAC) “both unprecedented and unlawful,” and added:
“OFAC’s sanctions are unlawful. OFAC lacks statutory authority to sanction software like Tornado Cash, and regardless, its decision lacks any factual predicate that could render the sanctions lawful.”
The associations argued Tornado Cash is software and while OFAC has the legal authority to sanction people or property, it cannot sanction a decentralized protocol.
“The core Tornado Cash software is not and cannot be owned by anyone,” they argued, claiming that OFAC “conjured” up a “person” so it had a basis to sanction the crypto mixer.
5/ By sanctioning the Tornado Cash software protocol, OFAC infringes on the right to free speech and due process.
— Marisa Tashman Coppel (@MTCoppel) June 2, 2023
Americans who wish to engage in anonymous speech or association can no longer do so.
Nor did they have notice when they were blocked from accessing their assets.
The brief admitted there was malicious use of the protocol for money laundering, mostly by North Korean-affiliated hackers, but also pointed to the other less nefarious uses — namely to enhance privacy on the publicly viewable Ethereum blockchain.
The groups argued the sanctions should be declared unlawful and the enforcement of them should be legally prohibited by the courts.
Related: Tornado Cash governance control set to be restored as voters approve proposal
In April, the two groups similarly filed an amicus brief in support of a nearly identical lawsuit brought by six individuals against the Treasury Department over its Tornado Cash sanctions.
The lawsuit, filed in September, is backed by the crypto exchange Coinbase, which is similarly wanting to remove the ban on the mixer.
The Treasury, however, claimed such crypto mixers are a national security threat and Tornado Cash repeatedly failed to create controls to stop money laundering.
Magazine: $3.4B of Bitcoin in a popcorn tin — The Silk Road hacker’s story
Blockchain Association Files Another Amicus Brief Supporting Tornado Cash, Says Crypto Mixer Is ‘Simply a Tool’
Blockchain Association, a nonprofit group dedicated to crypto advocacy, is filing a second amicus brief in support of the banned crypto mixer Tornado Cash. In a new announcement, the group says it is filing an amicus brief in favor of Coin Center’s lawsuit against the Office of Foreign Asset Control (OFAC), arguing that the regulatory […]
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De-Risking or Decoupling? China- US Bilateral Trade Falls More Than 10% This Year
Analysts have criticized the new ‘de-risking’ strategy that the U.S. is currently using against China, explained by U.S. National Security Advisor Jake Sullivan in April, clarifying that national security was over economic costs. These de-risking policies might affect bilateral trade, which fell by 11.2% to $217.9 billion during the first four months of 2023. ‘De-Risking’ […]