The Blockchain Association is once again supporting six plaintiffs in their legal battle against the U.S. Treasury Office of Foreign Assets Control (OFAC) over sanctions on Tornado Cash. In a recent amicus curiae brief, the blockchain advocacy group argued that OFAC’s decision to sanction the privacy-centric cryptocurrency mixer not only raised legal questions but also exceeded its statutory authority. The Blockchain Association contended that this move was both “arbitrary and capricious,” violating fundamental principles outlined in the U.S. Constitution. The association emphasized that OFAC should focus on targeting bad actors rather than imposing a sweeping ban on tools like Tornado Cash, which have legitimate use cases. The Blockchain Association proposed that OFAC should seek approval from Congress to ban crypto mixers like Tornado Cash, rather than stretching its existing authorities. This legal confrontation reflects the broader industry debate on the regulation of privacy-focused tools in the cryptocurrency space. The outcome of this case could have significant implications for the regulatory landscape of the cryptocurrency industry, as the Blockchain Association advocates for a more targeted and nuanced approach. In a related development, the Blockchain Association and the Crypto Council for Innovation jointly filed an amicus brief with other organizations in the Securities and Exchange Commission’s enforcement action against Coinbase, raising concerns about the SEC’s interpretation of “investment contract” and advocating for congressional action instead of relying solely on the SEC.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Marisa Coppel
Companies	Congress, Tornado Cash, U.S. Constitution, Blockchain Association, U.S. Treasury Office of Foreign Assets Control (OFAC)
Currencies	None
Securities	None