U.S. Treasury lifts sanctions on huge crypto project

By LeftFooted | bitcoinea | 22 Jan 2025


Court lifted OFAC sanctions on Tornado Cash, which is a win for crypto.


Let's start with a bit of background.


The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) enforces economic and trade sanctions against foreign jurisdictions and regimes.


As for Tornado Cash, it is an open-source, non-custodial, decentralised protocol (running on Ethereum Virtual Machine), which had been blacklisted by U.S. Treasury in 2022.


The reason why they did it is they thought the protocol had been used for money laundering purposes, including $455 million believed to have been stolen by an infamous hacking group associated with North Korea.


This is a huge win for crypto, and it's part and parcel of the proposed effort of Trump's administration to favour crypto and make the U.S. a key player in the crypto world.

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LeftFooted
LeftFooted

I’m a left-footed duck that loves writing. I write about cars, watches, craft beer and, you’ve guessed it, crypto Also active on read.cash


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