autonomous contract, coin center, coin center post, ethereum, ethereum (eth), ethereum mixer, exceeds its statutory authority, financial privacy, ieepa, jerry brito, legal, legalities, non-profit organization, ofac, peter van valkenburgh, privacy, sanctioned tornado cash, smart contract, tornado cash, tornado cash mixer, treasury department’s watchdog, us treasury

On August 15, the non-profit that focuses on policy issues facing crypto assets, Coin Center, published a blog post that says the organization is looking at the legality of the recent Tornado Cash sanctions enforced by the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC). The post, published by Coin Center’s Jerry Brito and Peter Van Valkenburgh, explains that by treating autonomous code as a ‘person’ “OFAC exceeds its statutory authority.”

Coin Center Insists ‘OFAC Has Overstepped Its Legal Authority’

Coin Center’s executive director Jerry Brito and director of research Peter Van Valkenburgh had a lot to say in a blog post published Monday that talks about whether or not autonomous code, or a smart contract, can be considered a sanctioned ‘person.’ Coin Center’s Brito and Valkenburgh believe the U.S. government sent some kind of intended signal when OFAC sanctioned Tornado Cash. One that makes it so U.S. citizens are aware specific tools and software “should not be used by Americans even for entirely legitimate purposes.”

“As we suspected, we believe that OFAC has overstepped its legal authority by adding certain Tornado Cash smart contract addresses to the SDN List, that this action potentially violates constitutional rights to due process and free speech, and that OFAC has not adequately acted to mitigate the foreseeable impact its action would have on innocent Americans,” the Coin Center blog post explains.

Moreover, Coin Center believes that OFAC’s designation of specific autonomous contract addresses “exceeds its statutory authority under IEEPA.” Coin Center insists that a vague and overbroad interpretation of IEEPA could be used to attack first amendment protected speech. “If the SDN List becomes an ever-expanding list of specific open source protocols and applications that are ‘blocked,’ then isn’t that a restriction on the publication of speech?” the blog post asks.

Coin Center further details that it plans to engage with the U.S. Treasury Department’s watchdog, share views and hear the views OFAC authorities have about the situation. The non-profit further detailed that members of Congress inquired about the situation and Coin Center plans to keep these individuals briefed on the subject. Coin Center also plans to help innocent Americans who may have funds locked into the platform get a license to remove the ethereum lawfully. The non-profit organization concluded that the team is talking about litigation efforts to “counsel a court challenge to this action.”

NEWS RELATED

Southeast Asia's Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand

The largest bank in Southeast Asia, DBS, has launched self-directed cryptocurrency trading via its app. More customers are now qualified to access the bank’s digital asset exchange and trade cryptocurrencies, including bitcoin and ether. DBS Launches Self-Directed Crypto Trading DBS, the largest bank in Southeast Asia, announced Friday that ...

View more: Southeast Asia's Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand

Ethereum Price Broke Out Of Descending Channel, What’s Next?

Ethereum price has been trading within a descending trendline, which is a sign of bearishness. Over the last 24 hours, the Ethereum price has been different as the coin registered a 6% appreciation. As the coin appreciated, it broke outside of the descending channel. Over the last week, the ...

View more: Ethereum Price Broke Out Of Descending Channel, What’s Next?

JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

Global investment bank JPMorgan is seeing little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are becoming “larger and larger” in the gaming sector, including in the metaverse. JPMorgan Sees Little Demand for Crypto as a Payment Tool The global head of payments for ...

View more: JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

Robert Kiyosaki Says End of Fake Money Is Here — Shares 3 Lessons to Help Investors Amid Market Crashes

After predicting the biggest crash in world history, Robert Kiyosaki, the famous author of the best-selling book Rich Dad Poor Dad, says the “end is here” for fake money. He reiterated three lessons that will help investors “do well in market crashes.” Robert Kiyosaki on the End of Fake ...

View more: Robert Kiyosaki Says End of Fake Money Is Here — Shares 3 Lessons to Help Investors Amid Market Crashes

Moscow Exchange Suggests Issuing Crypto Receipts for Those Afraid of Blockchain

The Moscow Exchange has proposed to legalize the issuance of receipts for digital financial assets. The trading platform says this will allow custodians to offer clients who are not ready for distributed ledgers to essentially work with securities. MOEX also plans to become a licensed crypto exchange operator. Largest ...

View more: Moscow Exchange Suggests Issuing Crypto Receipts for Those Afraid of Blockchain

Report: Leaked Audio Featuring Celsius Execs Uncovers Plans to Create an IOU Cryptocurrency

According to leaked audio obtained by CNBC, the crypto lender Celsius wants to create an IOU cryptocurrency in order to pay clients back. The audio was provided by a Celsius customer and the recording explains the bankrupt crypto lender wants to create a form of “wrapped tokens” that represents ...

View more: Report: Leaked Audio Featuring Celsius Execs Uncovers Plans to Create an IOU Cryptocurrency

While Known Mining Pools Currently Dominate, Unknown Miners Discovered the Most Bitcoin Blocks During the Last 13 Years

The Bitcoin network has been operational for 5,012 days and so far, more than 755,000 blocks have been mined into existence. During the last year, Foundry USA and Antpool were the top two miners as the combined pools collectively mined 18,229 blocks out of the 53,510 blocks mined this ...

View more: While Known Mining Pools Currently Dominate, Unknown Miners Discovered the Most Bitcoin Blocks During the Last 13 Years

Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57%

The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion. The TVL has not been this low in over five months since March 29, and the most dominant ...

View more: Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57%

Biggest Movers: DOGE Hits 1-Month High to Start the Weekend

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility

This Week in Coins: Ethereum Takes Another Week of Losses, XRP Soars

Flynt Launches Industry’s Highest Yield Product on Bitcoin

Digital Asset Exchange Platform Granted 'Crypto Financial Services Provider License' by Israeli Regulator

Cryptocurrency Exchange Bitso Launches Interoperable QR Payments in Argentina

South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Reports Reveal

UK Proposes New Law to 'Seize, Freeze and Recover' Crypto Assets Easier and Faster

How to View and Clear Your Activity History In Windows 10

Coinbase Receives Approval to Offer Full Suite of Crypto Products in Netherlands

Github Partially Reinstates Tornado Cash Codebase, Open Source Code Set to Read-Only Mode

Was the Ethereum Merge a Mistake?

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network