Regulation

US Congressman urges Treasury to provide further clarity related to Tornado Cash sanctions

U.S. Congressman Tom Emmer has known as on the Treasury Division to make clear points regarding the sanction towards Twister Money.

In a letter despatched to the Treasury on August 23, Emmer famous that sanctions have historically solely utilized to people or entities, not open-source software program like Twister Money.

Emmer urged the Treasury to clarify what expertise on the blockchain is sanctionable. He famous that Twister Money isn’t topic to Financial institution Secrecy Acts, on condition that it’s an anonymizing software program and never a supplier of blending companies.

In protection of customers affected by the sanction, Emmer requested the Treasury to make clear how customers can entry funds locked within the mixer. He additionally demanded readability on how good contracts can enchantment circumstances since they aren’t authorized entities or people.

Wanting on the dusting assault incidence, Emmer requested what the destiny of customers who obtained unsolicited funds can be.

Emmer reiterated that particular person privateness ought to be a precedence regardless of the necessity for decentralized expertise regulation.

The rising adoption of decentralized expertise will definitely elevate new challenges for OFAC. Nonetheless, expertise is impartial, and the expectation of privateness is regular.

In protection of privateness

The crypto group has thrown its weight in help of the Congressman for standing up for privateness. Bankless Founder Ryan Sean Adams tweeted:

In an earlier interview with CryptoSlate, CommerceBlock CEO Nicholas Gregory slammed the U.S. Treasury for sanctions towards Twister Money. He said that the transfer “makes little sense” since malicious actors can use different mixer protocols to hide their cybercrimes.



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