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:
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.
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