Tuesday, December 6, 2022
HomeETHCoin Center charges Treasury Department on Tornado Cash sanctions

Coin Center charges Treasury Department on Tornado Cash sanctions

Coin Center, D.C.-based policy non-profit charged the Treasury Department over sanctions imposed on Tornado Cash, open source software that could be utilised to hide transactions on the Ethereum blockchain.

The co-plaintiffs claimed in their brief that Treasury exceeded its legislative jurisdiction when it sanctioned the transaction mixer in August because Tornado Cash is used to carry out tasks that do not involve “any property in which any foreign government or a national thereof has any stake.”

Coin Center

An unknown Southeastern American human rights activist, a software developer who utilised the Ethereum blockchain, and digital asset manager David Hoffman have joined Coin Center in the lawsuit.

The Treasury Department is being sued for the second time over the sanctions. Six users of the software, including two Coinbase employees, have launched a lawsuit against the U.S. cryptocurrency firm Coinbase.

Challenges to Treasury’s approval of the programme could set landmark for blockchain technology. 

The lawsuits, attempts to convince the court that the government exceeded its authority by focusing on software instead of a person or a company, and by violating the statutory language and intent granting Treasury the authority to impose economic sanctions.

The lawsuit continues, “Americans utilise Tornado Cash ruthlessly to safeguard their own property.” Treasury’s “rebellion against this statutory provision claims a power that would give them essentially unlimited freedom to govern the American economy.”

Additionally, the plaintiffs claim that the mixer is required to preserve their right to privacy.

Coin Center and the other plaintiffs claim that “if a user doesn’t take important measures to preserve his privacy, the transparency of the ledger enables others to follow his private associations and stalk his intimate relationships. It invites exposure of and reprisals for his own financial support of unpopular causes. Additionally, it makes it possible for anyone to determine whether he has a lot of wealth, which would make him a target.”

The U.S. District Court for the Northern District of Florida has filed the lawsuit.

Read more:

Deso launches on-chain encrypted messaging app to provide privacy to its users

To get daily updates & trending news on crypto follow us on:

Facebook:- https://www.facebook.com/CryptoShrypto/

Instagram:-  https://www.instagram.com/cryptoshrypto_/?hl=en

Twitter:-  https://twitter.com/cryptoshrypto1

Youtube:-  https://www.youtube.com/channel/UCdAOUEQ3L_eYjU_NMDA1zxg 

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

16 + 16 =

- Advertisment -

Most Popular