Coinbase-Backed Lawsuit Says U.S. Treasury Violated Law with Tornado Cash Sanction | CoinMarketCap

Coinbase-Backed Lawsuit Says U.S. Treasury Violated Law with Tornado Cash SanctionA group of six crypto investors, with the support of Coinbase, have filed a lawsuit against the U.S. Department of Treasury for imposing sanctions on Tornado Cash, a decentralized protocol that allows users to anonymize theirtransactions. The lawsuit claims that the Treasury has violated the law and the Constitution by banning U.S. persons and entities from interacting with the Tornado Cash smart contracts.

The lawsuit makes four main arguments: first, that the Treasury has no authority to sanction software code that is not owned or controlled by any person or entity; second, that the Treasury has failed to provide any evidence that Tornado Cash poses a threat to U.S.

The plaintiffs seek a court order that would invalidate the sanctions and allow them to use Tornado Cash without fear of legal consequences. They also seek a declaration that Tornado Cash is not subject to sanctions under U.S. law. Coinbase's chief legal officer, Paul Grewal, said that the lawsuit is an important step to protect the innovation and freedom of expression in the crypto space.I've been writing about Bitcoin since 2014.

Source: Law Daily Report (lawdailyreport.net)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Coinbase: SEC Has Made Up its Mind to Deny PetitionCoinbase lashed out on the SEC saying the agency has no plans to consider the crypto exchange's petition on any timeline.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Bitpanda Partners With Coinbase to Help Europe’s Banks Offer Crypto to CustomersAustria-based crypto exchange Bitpanda_global is partnering with coinbase to help European banks and fintechs offer customers crypto. IanAllison123 reports
Source: CoinDesk - 🏆 291. / 63 Read more »

Bitpanda strikes licensing deal with CoinbaseBitpanda, a Vienna-based crypto investment business, today announced a licensing deal with Coinbase, the exchange operator.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Small tornado touches down in Elko CountyCHECK OUT THIS VIDEO! 😲🌪 A tornado touched down in Elko County, Nevada, bringing marble to golf ball-sized hail for approximately 15 minutes in the area. MORE DETAILS: 🎥: Alan Beaudoin 📍: Elko County, Nevada
Source: KUTV2News - 🏆 281. / 63 Read more »

Treasury yields nudge higher as bets on July rate hike riseBond yields moved higher on Thursday as traders continued to discount debt-ceiling negotiations and Federal Reserve policy trajectory.
Source: MarketWatch - 🏆 3. / 97 Read more »

U.S. Treasury debt announcement signals to some June 1 is not 'X-date'The U.S. Treasury on Thursday announced a slate of T-bill auctions for early next week that some market participants see as an indication that the debt ceiling's so-called 'X-date' may not in fact be June 1.
Source: Reuters - 🏆 2. / 97 Read more »