Tornado.cash, a crypto mixing service, is currently engaged in a challenging legal dispute due to accusations of money laundering. More recently, Paul Grewal, the top legal executive at Coinbase, has spoken out in defense of Tornado.cash and the importance of preserving privacy rights for Americans.
Coinbase CLO Backs Tornado Cash
In a recent legal move, Coinbase’s Chief Legal Officer, Paul Grewal, emphasized the company’s commitment to a major lawsuit intended to protect Americans’ privacy. Yesterday, in the Fifth Circuit Court of Appeals, the plaintiffs of the Tornado Cash case strongly countered the U.S. Treasury Department’s arguments.
Grewal emphasized the importance of the Treasury acknowledging that it had given approval for a group of individuals with a unified objective to form an association. It is worth noting that he also brought up a change in the Treasury’s stance, indicating a potential break from its past view on the shared intent among Tornado Cash users and creators.
Grewal pointed out that the Treasury’s suggested sanctions bring up questions about how current laws are applied, specifically regarding open-source software codes. He also highlighted that such codes aren’t classified as property, making it difficult for the Treasury to regulate using their existing authority, which only covers “property” linked to foreign interests.
Grewal argued that the Treasury lacked the authority to control how Americans use open-source applications such as Tornado Cash without approval from Congress. He cited the Treasury’s request to Congress for help in addressing what they consider to be a regulatory void regarding these software programs.
To summarize, Grewal stressed the significance of following the law instead of exceeding its limits. He showed faith in the Fifth Circuit’s detailed examination of the case.
The ongoing effort to safeguard Americans’ privacy right includes our support for a significant legal battle. Yesterday, the plaintiffs opposing Tornado Cash responded forcefully in the Fifth Circuit Court of Appeals to the U.S. Department of the Treasury’s claims. (1/6)
— paulgrewal.eth (@iampaulgrewal) April 15, 2024
Recent Developments
Global regulators have been criticizing Tornado Cash for its role in facilitating illegal activities. Not long ago, Dutch officials accused and charged its founder, Alexey Pertsev, with money laundering involving over $1.2 billion.
Despite some controversy, the larger cryptocurrency community has shown their backing for crypto mixers like Tornado Cash. Notably, several influential pro-crypto figures have publicly supported Roman Storm, a developer connected to Tornado Cash who was arrested in August on allegations related to his involvement with the platform. More recently, Storm filed a motion to dismiss the charges, challenging the government’s characterization of Tornado Cash and blockchain technology.
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2024-04-16 07:43