U.S. Treasury Department and Coin Center Reach Agreement
In a significant development for the cryptocurrency community, the U.S. Treasury Department has reached an agreement with Coin Center, an advocacy organization based in Washington, D.C., to terminate their legal dispute involving Tornado Cash, a popular Ethereum-based coin mixer. This resolution comes after the Eleventh Circuit Court of Appeals approved a joint request from both parties to set aside the previous judgment and instructed the case to be dismissed.
Details of the Legal Dispute
The joint decision took place on Thursday and was initially covered by Bloomberg Law. The parties involved argued that the case was unnecessary since the Office of Foreign Assets Control (OFAC) decided to lift the economic sanctions imposed on Tornado Cash back in March. These sanctions were originally enacted in 2022, categorizing the mixer as a risk for facilitating illicit transactions.
Statements from Coin Center
According to Coin Center’s Executive Director, Peter Van Valkenburgh, the government opted not to pursue further legal arguments about its authority to impose sanctions on Tornado Cash, a stance he viewed as a recognition of the overly broad application of sanctions laws.
“This marks the conclusion of our legal fight,”
Van Valkenburgh noted via a post on X, the platform formerly known as Twitter.
Conclusion
As the situation unfolds, further updates will be provided.
