Non-profit crypto think tank Coin Center has filed a lawsuit against America’s Treasury Department Office of Foreign Asset Control (OFAC) for allegedly unlawfully overreaching their power when they criminalized interacting with Ethereum.
The argument put forward by Coin Center is that OFAC harmed Americans when it sanctioned tornado Cash. In August, the company was accused of being involved in laundering hundreds of millions of dollars for North Korean hackers. Around 20% of Tornado Cash’s overall transaction volume was tied to a hack or exploit, the federal government alleged. The crypto industry opposed the move, pointing to the fact that OFAC was sanctioning software and that Tornado Cash does not have an agency designation as one. Coin Center have agreed that the lawsuit is an issue of users' privacy rights. Everyone in the world should be worried about the precedent it sets. The think tank’s executive director Jerry Brito said: “Not only are we fighting for privacy rights, but if this precedent is allowed to stand, OFAC could add entire protocols like Bitcoin or Ethereum to the sanctions list in [the] future, thus immediately banning them without any public process whatsoever.” The lawsuit was filed by the exchange Coinbase. They are trying to argue that OFAC acted outside their scope of law and slapped a blockchain company with a sanction for using open source software when it is unaffiliated with any company.
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