Coin Center Lawyers Say Tornado Cash is Not Property
Coin Center is appealing a previous ruling by the United States district court for Northern Florida, which determined that Tornado Cash generates indirect advantages for foreign entities and individuals that qualify as a financial interest subject to sanctions from the Office of Foreign Assets Control (OFAC). Jeffrey S. Hetzel, the legal counsel for Coin Center, […]
OFAC Sanctions Entities Behind Iran’s Digital Currency Program
Organizations that unlawfully exported technology to Iran, including one that created the digital currency platform used by the Iranian central bank, were sanctioned by the U.S. Treasury. A press release from the Department of Treasury’s Office of Foreign Assets Control (OFAC) stated that sanctions were placed on a group of organizations on February 14 for […]
Tether Freezes All OFAC-sanctioned Wallets
Tether strengthens security and compliance efforts by announcing a policy to freeze wallets connected to OFAC’s SDN List. The business that created the well-known stablecoin, Tether, has declared a major change in strategy toward regulatory compliance and law enforcement agency cooperation. Tether announced its plan to voluntarily freeze wallets linked to people or organizations on […]
Coin Center Defies OFAC’s Indictment of Tornado Cash Devs
Coin Center, a leading crypto advocacy group, argues that OFAC’s indictment of Tornado Cash developers for operating an illegal money transmission business is unfounded and inconsistent with FinCEN’s guidance. OFAC Accuses Tornado Cash Developers of Money Transmission Crimes On August 23, the U.S. Office of Foreign Asset Control (OFAC) announced that it had indicted Roman […]
OFAC compliance brings Ethereum closer to total censorship
According to data from mevWatch, Ethereum is gearing toward total censorship as the minting of OFAC-compliant Ethereum blocks on a daily basis has grown to a 73% rise. The community has been monitoring Ethereum’s increasing compliance with requirements set forth by the Office of Foreign Assets Control (OFAC) since protocol-level censorship is a deterrent to […]