The nonprofit organization focused on policy issues facing crypto, Coin Center, has filed a lawsuit against the Treasury Department, Treasury secretary Janet Yellen and the director of the Office of Foreign Assets Control. (OFAC) Andrea Gacki. The Coin Center court filing states that the government’s sanction of Tornado Cash exceeds the statutory authority of the Treasury. The Coin Center lawsuit asserts that Americans have a right to privacy and the right to protect their assets, as Tornado Cash can legally be used for these benefits.
Coin Center lawsuit asks US Treasury and OFAC to ban Tornado Cash Exceeding Their Regulatory Authority
Coin Center is following Coinbase’s lead as it sued the U.S. Treasury Department over the Tornado Cash ban, according to a court filing filed Oct. 12. Coinbase announced its lawsuit against government ministry on September 8, 2022, in a blog post called “Privacy Protection in Cryptocurrencies”. The non-profit Coin Center, an organization dedicated to addressing cryptocurrency and blockchain technology, suggests interesting with the Treasury on August 15.
The blog post published in mid-August states that the US Treasury Department treats the autonomous code as a ‘human,’ “OFAC is beyond its statutory authority.” The lawsuit was filed on Wednesday named OFAC director Andrea Gackiand the current secretary of the Treasury Janet Yellen. The lawsuit states that the Treasury Department “despite this statutory element presupposing an authority that would give them virtually unlimited control to regulate the American economy.”
The Coin Center lawsuit adds:
Americans unilaterally use Tornado Cash to protect their own assets.
The lawsuit against treasury arguments has legitimate use cases for Tornado cash
It’s been 65 days since OFAC forbidden ethereum (ETH) the Tornado Cash mixer, and as soon as it appeared it was heavily criticized by a large number of crypto advocates and libertarians. Coin Center notes in the court filing that the plaintiffs are ethereum users, and the group summarizes how the Ethereum blockchain is completely transparent.
“To protect themselves, Ethereum users use security tools,” litigation Statuses. “These tools often allow users to remove any obvious public links between their past and future transactions. They do this by making the transactions of the same person seem unrelated, thus preventing bad guys from trying to track, track, retaliate, and pose danger. “
The Coin Center lawsuit adds:
The new Tornado Cash is [a] The most modern security tool on Ethereum. It is a software program that is permanently stored on the Ethereum ledger, so it can be accessed or used by anyone.
Coin Center’s grievances with Treasury are very similar to the issues Coinbase mentioned in September. Coinbase also said that “there are legitimate applications for this type of technology, and because of these sanctions, many more Innocent users have now trapped their funds and lost access to an important security tool.” Coin Center’s lawsuit was filed in Florida, and the filing states that the defendant’s actions on August 8, 2022, when OFAC officially banned Tornado Cash “was illegal.”
“Due to the actions of the Biden Administration, it is a crime for Americans to use Tornado Cash to protect their privacy while using their own assets,” the Coin Center complaint further explains. “In addition, it is a federal crime for them to receive any property through Tornado Cash, even one from a stranger they did not solicit. And it is also a crime for them to use Tornado Cash to protect their expression activities. “
What do you think about Coin Center suing the US Department of Treasury over the Tornado Cash ethereum mixer sanction? Let us know what you think about this topic in the comments section below.
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