Coinbase’s Chief Legal Officer Says The OFAC Sanction On Tornado Cash Is Excessive
The matter of the Treasury’s OFAC Sanction against Tornado Cash was recently mentioned by Coinbase’s chief legal officer. In the tweet, he also indicated that the case had now gone too far.
Coinbase‘s chief legal officer, Paul Singh Grewal, tweeted that the US Department of Treasury’s Office of Foreign Assets Control (OFAC) recently withdrew Tornado Cash off the US sanctions list and then reinstated it. However, because these sanctions exceed the jurisdiction assigned to OFAC by the United States Congress, Coinbase continues to support a federal lawsuit contesting such excesses.
“We support OFAC’s overarching national security aims and have high regard for its vital job,” Grewal added. “We are also dedicated to meeting all applicable sanctions responsibilities, for which we have built industry-leading solutions.” However, when OFAC takes extraordinary actions to penalize Tornado Cash (a privacy protocol widely utilized) and its smart contracts (an open-source technology), we felt forced to support anyone ready to speak out against it.”
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 us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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Coinbase’s Chief Legal Officer Says The OFAC Sanction On Tornado Cash Is Excessive
The matter of the Treasury’s OFAC Sanction against Tornado Cash was recently mentioned by Coinbase’s chief legal officer. In the tweet, he also indicated that the case had now gone too far.
Coinbase‘s chief legal officer, Paul Singh Grewal, tweeted that the US Department of Treasury’s Office of Foreign Assets Control (OFAC) recently withdrew Tornado Cash off the US sanctions list and then reinstated it. However, because these sanctions exceed the jurisdiction assigned to OFAC by the United States Congress, Coinbase continues to support a federal lawsuit contesting such excesses.
“We support OFAC’s overarching national security aims and have high regard for its vital job,” Grewal added. “We are also dedicated to meeting all applicable sanctions responsibilities, for which we have built industry-leading solutions.” However, when OFAC takes extraordinary actions to penalize Tornado Cash (a privacy protocol widely utilized) and its smart contracts (an open-source technology), we felt forced to support anyone ready to speak out against it.”
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 us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
Coincu News
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