Coin Center announces plans to challenge The US Treasury’s decision on Tornado Cash! On August 15th, Coin Center, a crypto policy advocacy group, posted its analysis regarding the issue with crypto mixer Tornado Cash on Twitter.
Coin Center on The US Treasury and Tornado Cash
On August 15th, Coin Center posted a blog post on its official website about the issue surrounding Tornado Cash and the sanctions from The US Treasury Department’s Office of Foreign Assets Control (OFAC) by adding the crypto mixer to the Specially Designated Nationals And Blocked Persons (SDN) List.
Analysis: What is and what is not a sanctionable entity in the Tornado Cash case.
By treating autonomous code as a “person” OFAC exceeds its statutory authority.https://t.co/kDjoumAhF1
— Coin Center (@coincenter) August 15, 2022
According to Coin Center, the US Treasury has overstepped “its legal authority by adding certain Tornado Cash smart contract addresses to the SDN List.” They also added that the decision “violates constitutional rights to due process and free speech.”
Coin Center stated, “We intend to work with other digital rights advocates to pursue administrative relief. We are also [now] exploring bringing a challenge to this action in court.”
The Next Steps
Coin Center mentioned several steps to complete its mission to clarify and challenge the sanctions on Tornado Cash. First of all, Coin Center will engage with The US Treasury to discuss this matter in more detail. Coin Center added that they want to share their views on the decision.
Second, according to Coin Center, they also want to help Americans whose funds are trapped on the 44 crypto wallets linked to Tornado Cash by applying for a license to withdraw their funds.
Coin Center closed its blog post by saying they will keep exploring to challenge the sanctions.
Since last week, the community also has been talking about Tornado Cash on social media. They are dropping their views and opinions on the matter. It seems the news about Tornado Cash will not stop anytime soon.