Coinbase Fights Again With SEC Pressure On Tornado Cash By Cointelegraph

Coinbase Fights Again With SEC Pressure On Tornado Cash

On September 8, Coinbase (NASDAQ 🙂 announced that it is funding a lawsuit against the US Treasury. The cryptocurrency exchange is funding a lawsuit brought by six people to challenge the penalties imposed on Tornado Cash. On September 9, Securities and Exchange Commission (SEC) Chairman Gary Gensler announced that he was working extensively with Congress to develop legislation that would further regulate cryptocurrency.

But these two stories are not mutually exclusive. The sequence of events shows that governments are purely reactive rather than proactive when it comes to Decentralized Finance (DeFi).

Tornado Cash was sanctioned by the Office of Foreign Assets Control (OFAC) in August. OFAC has alleged that a smart contract shuffler has helped launder more than $7 billion in cryptocurrency since its inception in 2019, including more than $455 million stolen by North Korean-linked Lazarus hackers.

Read the full article on Cointelegraph

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