2024

Circuit

April

Tornado Cash

Tornado

<p>Crypto mixer tornado Cash has been fighting an uphill legal battle over the allegations of money laundering. Coinbase chief legal officer Paul Grewal has recently come forward to support Tornado Cash while defending Americans’ right to privacy.</p> 
<h3 id="coinbase-clo-backs-tornado-cash">Coinbase CLO Backs Tornado Cash</h3> 
<p>In a legal development, Coinbase’s Chief Legal Officer, Paul Grewal, has underscored the company’s support for a significant legal challenge aimed at safeguarding Americans’ privacy rights. Today, in the Fifth Circuit Court of Appeals, the plaintiffs in the Tornado Cash case <a href="https://assets.ctfassets.net/c5bd0wqjc7v0/5s8nt2JIqqcpy35LTFUmgl/58f028fe9c184c2b8d7e959a02aa87e2/Van_Loon_CA5_reply_brief.pdf" target="_blank" rel="noopener">filed</a> a robust response to arguments put forth by the U.S. Treasury.</p> 
<p>Grewal highlighted the need for the Treasury to establish that it had sanctioned an association comprising individuals with a shared purpose. Notably, he also pointed out a shift in the Treasury’s argument, suggesting a departure from its previous theory regarding the common purpose shared by Tornado Cash holders and developers.</p> 
<p>Grewal noted that the Treasury’s proposed sanctions, raise concerns regarding the interpretation of existing statutes, particularly in relation to open-source software code. He also emphasized that such code is not considered property, posing challenges for the Treasury’s regulatory authority, which is limited to “property” with foreign national interests.</p> 
<p>Grewal asserted that any attempt by the Treasury to regulate American citizens’ use of open-source software like Tornado Cash would require congressional authorization. He referenced the Treasury’s recent appeal to Congress to address what it perceives as a regulatory gap concerning such software.</p> 
<p>In conclusion, Grewal emphasized the importance of upholding the law without stretching its boundaries beyond recognition. He expressed confidence in the Fifth Circuit’s thorough review of the case.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">We continue to support a critical legal challenge to preserve Americans’ right to privacy. Today, the Tornado Cash plaintiffs replied to <a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a>'s arguments in the Fifth Circuit Court of Appeals w/ a very strong brief. 1/6 <a href="https://t.co/MD6Pe0FYPH">https://t.co/MD6Pe0FYPH</a></p> 
 <p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1779992434635886976?ref_src=twsrc%5Etfw">April 15, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h3 id="recent-developments">Recent Developments</h3> 
<p>Regulators from across the globe have been attacking Tornado Cash over the allegations of aiding illicit activities. A few weeks back, Dutch authorities <a href="https://coingape.com/tornado-cash-founder-indicted-for-aiding-laundered-1-2b-funds-report/" target="_blank" rel="noopener">indicted Tornado Cash</a> founder Alexey Pertsev on charges of laundering over $1.2 billion.</p> 
<p>However, the broader cryptocurrency community has come in support of the crypto mixer. Numerous pro-crypto entities have rallied behind <a href="https://coingape.com/crypto-groups-file-amicus-briefs-in-support-of-tornado-cash-developer/" target="_blank" rel="noopener">Roman Storm</a>, a developer associated with Tornado Cash, who was apprehended in August on charges linked to his role in the platform. Recently, Storm also moved to <a href="https://coingape.com/tornado-cash-cofounder-files-motion-to-drop-charges/" target="_blank" rel="noopener">dismiss the charges</a>, contesting the government’s depiction of Tornado Cash and blockchain technology.</p> 
<p>On the other hand, some decentralized market platforms like <a href="https://coingape.com/arbitrum-dao-pulls-back-1-2-million-help-to-tornado-cash-citing-legal-concerns/" target="_blank" rel="noopener">Arbitum DAO</a> have come in support of Tornado Cash. However, recently, they have reportedly removed this proposal for reasons unknown but could be majorly due to the high-handed regulatory action.</p> 
<p>The post <a href="https://coingape.com/coinbase-clo-backs-tornado-cash-over-right-to-privacy/">Coinbase CLO Paul Grewal Backs Tornado Cash Over Right to Privacy</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Coinbase CLO Paul Grewal Backs Tornado Cash Over Right to Privacy

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