Coinbase Backs Plaintiffs to Lift Ban on Tornado Cash
Coinbase is supporting a group of plaintiffs who are seeking to remove sanctions imposed by the US government against Tornado Cash, a cryptocurrency mixer.
The plaintiffs, including Joseph Van Loon and Tyler Al-meida, are representing US citizens who are prohibited from using Tornado Cash. They have filed a lawsuit against the US Office of Foreign Assets Control (OFAC), Secretary of the Treasury Janet Yellen, and OFAC Director Andrea Gacki.
The plaintiffs seek a partial summary judgment at the United States District Court of Texas, Austin Division, arguing that the sanctions on Tornado Cash are unlawful and violate the Administrative Procedure Act (APA).
OFAC added Tornado Cash to the Specially Designated Nationals And Blocked Persons List (SDN) List in August 2022, prohibiting US citizens or businesses from doing business with them.
The lawsuit argues that the government cannot sanction Tornado Cash because it is just software, and smart contracts at its core cannot be controlled or owned by anyone.
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Coinbase has supported the plaintiffs, stating that the government’s actions could hinder the growth and development of the cryptocurrency industry and set a dangerous precedent for future cryptocurrency regulation.
The use of privacy protocols like Tornado Cash is becoming increasingly important for individuals who want to protect their privacy online, and the legal challenge could have significant implications for the future of cryptocurrency regulation in the United States.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
