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TORNADO CASH CRYPTO
TRANSACTION MIXING SANCTIONS
STAND
By: www.ProfitableInvestingTips.com
https://profitableinvestingtips.com/profitab
A year ago we wrote about how the USTreasury
Department sanctioned a crypto transaction
mixing service. A year later an appeal to the
courts to reverse that decision came to naught.
Tornado cash crypto transaction mixing
sanctions stand.
https://profitableinvestingtips.com/profitab
The appeal to the court in theTornado Cash crypto
transaction mixing case brings two issues to
mind.What are the merits of the sanctions
againstTornado Cash and those who used its
services? And can those sanctions be reversed by
going after the technicalities of the case?
https://profitableinvestingtips.com/profitab
Why Did the USTreasury Go AfterTornado Cash?
https://profitableinvestingtips.com/profitab
According to the Foreign Assets Control Office of
the Department of theTreasury,Tornado Cash
laundered in excess of $7 billion in
cryptocurrencies since it began business in 2019.
The action of theTreasury was to sanction
individual crypto wallets associated with
Tornado Cash. And they sanctioned the
blockchain smart contract code related to these
transactions.
https://profitableinvestingtips.com/profitab
Was there really any hanky-panky going on with
Tornado Cash? Chainanalysis is a digital asset
research company.This year they stated that
about $2 billion in crypto assets stolen by North
Korean hacking groups had been laundered
throughTornado Cash.This alone would appear
to make sanctions onTornado Cash valid.
https://profitableinvestingtips.com/profitab
https://profitableinvestingtips.com/profitab
WhatWas the Basis of theTornado Cash Appeal?
https://profitableinvestingtips.com/profitab
Coinbase funded the appeal which was done by six
individuals.Their argument was that smart
contracts should not be sanctioned.They
contended that neutral tools and technologies
do not fall within the law regarding sanctions
that Congress passed. In an interview one of the
plaintiffs said, “Just because armed robbers used
a highway doesn’t mean the highway should be
banned. We felt compelled to act.”
https://profitableinvestingtips.com/profitab
It should be noted that this is a common tactic of
lawyers who want to appeal something. If they
cannot bring down a ruling based on the facts
(Tornado Cash laundered billions in hacked
cryptocurrencies), they will go after the details
and say the decision was improper on that basis.
https://profitableinvestingtips.com/profitab
WhatWas the Judge’s Ruling Regarding
Sanctioning Smart Contract Code?
https://profitableinvestingtips.com/profitab
Part of the plaintiffs’ attempt to overturn the initial
decision was based on rulings in other courts
regarding open source code. It turns out the
smart contracts used byTornado Cash are
proprietary.They are routinely modified by
Tornado Cash.The judge ruled that such smart
contract code is property ofTornado Cash and
thus falls within the law regarding sanctions
against North Korean hackers.
https://profitableinvestingtips.com/profitab
The judge is even said to have compared this
smart contract code to vending machines which,
like code, can act autonomously but can be
periodically serviced and modified by its owners.
https://profitableinvestingtips.com/profitab
There were also free speech arguments in the
attempt to overturn the original ruling and they
were also denied.The complete case ruling for
Case 1:23-cv-00312-RP can be seen by following
the link. It is extremely dense reading but that is
typical for such legal arguments.The bottom
line is that the plaintiffs failed to reverse the
initial ruling based on technical arguments
about authority granted under the law, free
speech, etc.
https://profitableinvestingtips.com/profitab
For more insights and useful information about
investments and investing, visit
www.ProfitableInvestingTips.com.

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Tornado Cash Crypto Transaction Mixing Sanctions Stand