US Lawmaker Asks US Treasury To Explain Tornado Cash Sanctions
In a letter to US Treasury Secretary Janet Yellen, Congressman Tom Emmer of Minnesota’s Sixth Congressional District asks for an explanation for Tornado Cash’s unusual sanctioning.
Emmer claims in the letter that the sanctions are unique since they were imposed on a piece of software rather than an individual, ignoring past precedence.
“OFAC’s sanctions on the virtual currency anonymizing software Tornado Cash in accordance with Executive Order 13694 are the first sanctions issued against something other than an individual or entity determined ‘to be responsible for or complicit in’ malicious cyber-enabled activities that pose a threat on the United States national security, foreign policy, economic health or financial stability.”
Tom Emmer he said in his letter to the treasury.
Congressman Emmer also asked the US Treasury to explain whether blockchain technology is sanctionable and what financial law enforcement actions will be taken in the near future.
“It would be helpful for congress and blockchain developers to understand the factors considered in OFAC’s designation of technology to the SDN list,” the letter read.
Following the imposition of sanctions and the beginning of investigations, Dutch authorities detained and extradited a 29-year-old man suspected of being the brains behind Tornado Cash creation. He is accused of financing illicit financial flows, money laundering, and cryptocurrency mixing via the decentralized mixing service.
Emmer further claims that the Treasury Under Secretary for Terrorism and Financial Intelligence has failed to justify allegations that “Tornado Cash repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors.”
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US Lawmaker Asks US Treasury To Explain Tornado Cash Sanctions
In a letter to US Treasury Secretary Janet Yellen, Congressman Tom Emmer of Minnesota’s Sixth Congressional District asks for an explanation for Tornado Cash’s unusual sanctioning.
Emmer claims in the letter that the sanctions are unique since they were imposed on a piece of software rather than an individual, ignoring past precedence.
“OFAC’s sanctions on the virtual currency anonymizing software Tornado Cash in accordance with Executive Order 13694 are the first sanctions issued against something other than an individual or entity determined ‘to be responsible for or complicit in’ malicious cyber-enabled activities that pose a threat on the United States national security, foreign policy, economic health or financial stability.”
Tom Emmer he said in his letter to the treasury.
Congressman Emmer also asked the US Treasury to explain whether blockchain technology is sanctionable and what financial law enforcement actions will be taken in the near future.
“It would be helpful for congress and blockchain developers to understand the factors considered in OFAC’s designation of technology to the SDN list,” the letter read.
Following the imposition of sanctions and the beginning of investigations, Dutch authorities detained and extradited a 29-year-old man suspected of being the brains behind Tornado Cash creation. He is accused of financing illicit financial flows, money laundering, and cryptocurrency mixing via the decentralized mixing service.
Emmer further claims that the Treasury Under Secretary for Terrorism and Financial Intelligence has failed to justify allegations that “Tornado Cash repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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