Coinbase Funds Lawsuit Challenging United States Treasury Department on Crypto Privacy and Innovation
g at xny.io
Tue Oct 11 10:42:15 PDT 2022
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Brian Armstrong (CEO and Co-Founder of Coinbase) recently announced
litigation funding of a new lawsuit that questions the integrity of the
United States Treasury’s sanctions of Tornado Cash privacy software.
Coinbase’s litigation investment aims to vindicate six individuals who were
added to the United States’ sanctions list as part of banning Tornado Cash.
According to Coinbase’s blog
<https://www.coinbase.com/blog/defending-privacy-in-crypto>, Tornado Cash’s
open source software design offers a valuable personal privacy protection
utility. Coinbase claims that Treasury may have overreacted by sanctioning
the entire Tornado Cash software program protocol technology.
Coinbase suggests that law-abiding citizens have a right to privacy, and
that congress has not entitled the Treasury to sanction open source
software. Coinbase also is concerned that Federal sanctions on open source
software may preclude future software innovation.
Coinbase’s hope is that the Treasury will reverse the personal sanctions
attributed to the six individuals who are the subject of the claim.
Additionally, Coinbase hopes to signal the firm’s approach to protecting
personal privacy and pure cryptocurrency innovation.
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