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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.”

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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