Coinbase Support Lawsuit Defends Tornado Cash Against US Sanctions
Coinbase has announced it is sponsoring a lawsuit against the US Department of the Treasury for blacklisting Tornado Cash. The lawsuit was brought by six people challenging US Treasury Department sanctions against Tornado Cash smart contracts. They are asking the Court to remove them from the US sanctions list.
On September 8, Coinbase announced on its official blog that it is sponsoring a lawsuit against US sanctions against the Tornado Cash crypto mixer.
Brian Armstrong, the company’s CEO and co-founder, described the lawsuit’s motivations as well as the significance of privacy in cryptocurrency in Coinbase’s official blog.
“We have no issue with the Treasury sanctioning bad actors and we take a hard stance against unlawful behavior,(…). But in this case, Treasury went much further and took the unprecedented step of sanctioning an entire technology instead of specific individuals.”
Armstrong said
Armstrong listed two main reasons why the sanctions by the US Treasury are unjust:
- There are legitimate applications for this type of technology and as a result of these sanctions, many innocent users now have their funds trapped and have lost access to a critical privacy tool.
- Coinbase believes the Treasury exceeded its authority, given by Congress, by sanctioning a technology.
Tornado Cash is an open software that runs on the Ethereum Blockchain. It allows users to deposit assets from one crypto address and withdraw them using a different crypto address. It has been used by criminals and hackers in the past to hide their tracks post-theft.
Armstrong said that Coinbase will be fully compliant with the law pending the court’s decision. However, the company’s support for Tornado Cash helps the company regain fairness and emphasizes the importance of privacy in cryptocurrency. The company also hopes the sanctions will reverse.
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.
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Coinbase Support Lawsuit Defends Tornado Cash Against US Sanctions
Coinbase has announced it is sponsoring a lawsuit against the US Department of the Treasury for blacklisting Tornado Cash. The lawsuit was brought by six people challenging US Treasury Department sanctions against Tornado Cash smart contracts. They are asking the Court to remove them from the US sanctions list.
On September 8, Coinbase announced on its official blog that it is sponsoring a lawsuit against US sanctions against the Tornado Cash crypto mixer.
Brian Armstrong, the company’s CEO and co-founder, described the lawsuit’s motivations as well as the significance of privacy in cryptocurrency in Coinbase’s official blog.
“We have no issue with the Treasury sanctioning bad actors and we take a hard stance against unlawful behavior,(…). But in this case, Treasury went much further and took the unprecedented step of sanctioning an entire technology instead of specific individuals.”
Armstrong said
Armstrong listed two main reasons why the sanctions by the US Treasury are unjust:
- There are legitimate applications for this type of technology and as a result of these sanctions, many innocent users now have their funds trapped and have lost access to a critical privacy tool.
- Coinbase believes the Treasury exceeded its authority, given by Congress, by sanctioning a technology.
Tornado Cash is an open software that runs on the Ethereum Blockchain. It allows users to deposit assets from one crypto address and withdraw them using a different crypto address. It has been used by criminals and hackers in the past to hide their tracks post-theft.
Armstrong said that Coinbase will be fully compliant with the law pending the court’s decision. However, the company’s support for Tornado Cash helps the company regain fairness and emphasizes the importance of privacy in cryptocurrency. The company also hopes the sanctions will reverse.
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
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