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US Treasury office sued by Coin Center over Tornado Cash ban

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US Treasury office sued by Coin Center over Tornado Cash ban 2

The crypto advocacy group “Coin Center” initiated a suit against the U.S. Treasury Department’s Office of Foreign Assets Control (OFCA) over its sanction on crypto mixing platform Tornado Cash.

Tornado Cash platform is a crypto mixing service, which provides anonymity to the crypto financial activities for crypto users. In short, Tornado Cash provides basic rights of financial privacy to the crypto users but many bad actors took the advantage of this platform to launder more than $1 billion worth of funds, only in the last 1 year. To prohibit illegal fund transactions, OFCA imposed sanctions on this platform because it failed to prohibit the engagement of bad actors. 

On 12 October, Jerry Brito, the Executive Director of the Crypto advocacy group of Coin Center, announced that Coin Center filed a suit against OFCA, an office of the US treasury department.

“Today Coin Center filed suit in federal district court against OFAC challenging its authority to sanction Tornado Cash immutable smart contracts,” Jerry said.

The Coin Center executive said that it is not all about the right to privacy but it is about the future of decentralized protocols like Bitcoin, and Ethereum. 

Jerry believes that, if we will not stop such kind of actions then they may impose sanctions on the Bitcoin & Ethereum network also. 

Further, Jerry said that the crypto advocacy group will try its best in the suit to win the case and they will also knock the door of the supreme court if needed.

Earlier this, OFCA published its statement on the Tornado Cash ban and said that Tornado Cash is a neutral tool and can be shared in the online world but the ban status will continue because bad actors were using it to facilitate illegal fund transactions, which was totally against the laws. 

Read also: Now Polygon powers data proof support to the Indian police complaint portal

US Treasury office sued by Coin Center over Tornado Cash ban

 

https://bitcoinik.com/us-treasury-office-sued-by-coin-center-over-tornado-cash-ban/feed/

https://bitcoinik.com/us-treasury-office-sued-by-coin-center-over-tornado-cash-ban/feed/

 

 

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