Blockchain Association Sues OFAC Over Sanctions on Tornado Cash
Blockchain Association, the crypto advocacy group, has filed an amicus brief with the US Office of Foreign Assets Control (OFAC). The Association has...
- The Blockchain Association has filed an amicus brief with the US Office of Foreign Assets Control (OFAC) criticizing their decision to sanction crypto mixer Tornado Cash.
- The Association argues that OFAC's actions are unlawful, exceed statutory authority, and are arbitrary and capricious.
- This is the first time OFAC has sanctioned computer software instead of individuals or entities.
- The Blockchain Association defends Tornado Cash as a tool and emphasizes its decentralized nature.
- OFAC's sanctions could weaken the digital asset industry and jeopardize privacy rights.
- Tornado Cash was sanctioned for allowing hackers to launder $7 billion, including funds hacked by the Lazarus Group.
The article highlights the criticism of the Blockchain Association towards OFAC's decision to sanction Tornado Cash. The sentiment is negative towards OFAC's actions, with the Association arguing that they are unlawful and exceed their authority. The article also emphasizes the potential negative impact of the sanctions on the digital asset industry and privacy rights.