1. Home
  2. Treasury

Treasury

Tornado Cash dev wants charges dropped after court said OFAC ‘overstepped’

Tornado Cash co-founder Roman Storm has petitioned a judge to drop the criminal charges against him after an appeals court found the Treasury unlawfully sanctioned the crypto mixer.

Roman Storm, the co-founder of crypto mixing platform Tornado Cash, has told a United States federal judge that his criminal charges should be dropped after an appeals court found sanctions against the platform’s smart contracts were unlawful.

Storm said in a Dec. 18 motion in a Manhattan district court that an opinion last month from the Fifth Circuit Appeals Court on a separate case finding the Treasury’s Office of Foreign Assets Control (OFAC) exceeded its authority in sanctioning Tornado Cash’s smart contracts “makes clear that all three counts of the indictment are fatally and legally flawed.”

He argued the opinion “most obviously impacts” his charge of conspiring to violate the International Emergency Economic Powers Act (IEEPA), a law central to the US sanctions apparatus, as the appeals court found the smart contracts “are not the ‘property’ of a foreign national or entity” meaning they “cannot be blocked” under the law.

Read more

SVM Sonic, Injective to roll out crosschain AI agent hub

Worksport stock jumps 9% after adding BTC, XRP to treasury strategy

Worksport plans to dedicate up to 10% of its surplus operational cash to purchase Bitcoin and XRP.

Shares of United States manufacturer Worksport (WKSP) surged 9.1% on Dec. 5 after the company decided to incorporate Bitcoin and XRP into its treasury strategy. 

According to an announcement, Worksport plans to allocate up to 10% of any excess cash from operations to purchase Bitcoin (BTC) and XRP (XRP), with an initial investment of up to $5 million. Taking this step, the company expects to hedge against inflation while diversifying its treasury.

Nasdaq-listed WKSP on Dec. 5. Source: Google Finance

Read more

SVM Sonic, Injective to roll out crosschain AI agent hub

Historic Win For Crypto: Court Strikes Down Treasury’s Overreach

Historic Win For Crypto: Court Strikes Down Treasury’s OverreachCoinbase’s legal chief has declared a historic win as the Fifth Circuit Court ruled Treasury’s Tornado Cash sanctions unlawful, a bullish moment for crypto privacy. A Historic Victory for Crypto Privacy and the Defense Of Liberty The Fifth Circuit Court has ruled that the U.S. Treasury’s sanctions against Tornado Cash smart contracts are unlawful, marking […]

SVM Sonic, Injective to roll out crosschain AI agent hub

Judges Panel Reverses Treasury Ruling: Tornado Cash Back in Legal Spotlight

Judges Panel Reverses Treasury Ruling: Tornado Cash Back in Legal SpotlightThe U.S. Court of Appeals for the Fifth Circuit has overturned a lower court’s decision upholding sanctions against Tornado Cash, a decentralized cryptocurrency mixer. This decision reignites debate over privacy and regulatory limits in the cryptocurrency sector. Treasury’s Authority Challenged: Appeals Court Stirs Tornado Cash Controversy In 2022, under the U.S. Treasury Department, the Office […]

SVM Sonic, Injective to roll out crosschain AI agent hub

Big victory in Tornado Cash case as judge says OFAC exceeded authority

A US appeals court ruled the Treasury’s OFAC “overstepped” when it sanctioned crypto mixer Tornado Cash’s smart contracts.

A United States appeals court has reversed a lower court’s decision, finding the Office of Foreign Assets Control (OFAC) exceeded its authority in sanctioning Tornado Cash’s immutable smart contracts — a major win for the protocol and its users. 

In a Nov. 26 opinion, a Fifth Circuit Appeals Court three-judge panel said that while Treasury has the power to take action against “property,” Tornado Cash’s smart contracts were not property under the International Emergency Economic Powers Act (IEEPA) as they are immutable, meaning they can not be controlled or owned. 

“We hold that Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the “property” of a foreign national or entity, meaning (1) they cannot be blocked under IEEPA, and (2) OFAC overstepped its congressionally defined authority,” the trio of judges wrote.

Read more

SVM Sonic, Injective to roll out crosschain AI agent hub

US Treasury strategy for financial inclusion mentions digital assets

Lael Brainard credited Vice President Kamala Harris, who is campaigning to be the next US President, with helping expand “access to capital, credit, and economic opportunity.”

The United States Department of the Treasury has released its national strategy for financial inclusion, only including cryptocurrencies as a potential risk for consumers.

In an Oct. 29 notice, the US Treasury said its National Strategy for Financial Inclusion in the United States report resulted from a request from Congress and included recommendations to “advance consumer access to safe financial products and services and strengthen financial security.”

According to the department, one of its methods of financial inclusion was through research of a “series of publications on consumer activities and risks related to digital assets,” citing a September 2022 report.

Read more

SVM Sonic, Injective to roll out crosschain AI agent hub

Blackrock to Vote on Microsoft’s Bitcoin Move — BTC Treasury Strategy in Focus

Blackrock to Vote on Microsoft’s Bitcoin Move — BTC Treasury Strategy in FocusBlackrock’s significant stake in Microsoft could sway the tech giant’s potential decision on adding bitcoin to its corporate reserves, signaling a shift in mainstream crypto adoption. Blackrock’s Stake Fuels Speculation Over Microsoft’s Bitcoin Future Speculation emerged last week around Microsoft’s upcoming Dec. 10 shareholder meeting, following a U.S. Securities and Exchange Commission (SEC) filing that […]

SVM Sonic, Injective to roll out crosschain AI agent hub

Treasury Secretary Yellen To Unveil ‘Strong’ New Global Sanctions As BRICS Nations Russia and China Push To Forge Deeper Ties: Reports

Treasury Secretary Yellen To Unveil ‘Strong’ New Global Sanctions As BRICS Nations Russia and China Push To Forge Deeper Ties: Reports

BRICS founding members Russia and China are reportedly looking to build deeper economic relations. At the 16th BRICS summit, Russian President Vladimir Putin and Chinese leader Xi Jinping engaged in talks to bolster trade partnerships in an effort to create a “fair world order,” reports the South China Morning Post. According to Putin, the alliance […]

The post Treasury Secretary Yellen To Unveil ‘Strong’ New Global Sanctions As BRICS Nations Russia and China Push To Forge Deeper Ties: Reports appeared first on The Daily Hodl.

SVM Sonic, Injective to roll out crosschain AI agent hub

Governments must tax or ban Bitcoin to maintain deficits: Minneapolis Fed

The Federal Reserve Bank of Minneapolis suggests that a ban or tax on Bitcoin could ensure its ability to run permanent budget deficits.

A recent research paper by the Federal Reserve Bank of Minneapolis has suggested that assets such as Bitcoin would need to be taxed or banned for governments to maintain deficits. 

In an economy where the government tries to maintain permanent deficits using nominal debt, the presence of Bitcoin (BTC) creates problems for policy implementation, the Minneapolis Fed stated in a working paper released on Oct. 17.

Bitcoin introduces a “balanced budget trap,” an alternative state where the government is forced to balance its budget, the Fed claimed. 

Read more

SVM Sonic, Injective to roll out crosschain AI agent hub

Understanding Bitcoin Treasury Strategies: Insights From Public Bitcoin Miners Like MARA

Understanding Bitcoin Treasury Strategies: Insights From Public Bitcoin Miners Like MARAThe following guest post comes from Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, educational tools, and industry insights. Originally published on Sept. 11, 2024, it was penned by Bitcoinminingstock.io author Cindy Feng. In the editorial, readers discover how MARA Holdings, the largest Bitcoin mining company by market cap, strategically accumulates BTC, outperforming […]

SVM Sonic, Injective to roll out crosschain AI agent hub