Falling cryptocurrencies (bitcoins, dogecoins, shiba coins, binance coins and other) Credit: Igor Faun/Shutterstock.com Sanctioning Code: What's Next for Crypto Sanctions?
OFAC is now facing a lawsuit funded by the largest blockchain exchange in the United States relating to sanctions on a blockchain protocol known as "Tornado Cash." The future of blockchain technology could depend on the outcome of that lawsuit and on how OFAC's decides to exercise its power to impose sanctions on blockchain programs and assets.
September 28, 2022 at 12:30 PM
8 minute read
Recent government sanctions against blockchain programs have highlighted the power held by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and the vulnerability of the blockchain ecosystem to an abuse of that power. OFAC is now facing a lawsuit funded by the largest blockchain exchange in the United States relating to sanctions on a blockchain protocol known as "Tornado Cash." The future of blockchain technology could depend on the outcome of that lawsuit and on how OFAC's decides to exercise its power to impose sanctions on blockchain programs and assets.
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