This week, the U.S. Department of the Treasury sent a letter to the heads of the Senate Banking and House Financial Services Committees following a briefing on how Hamas and...
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It’s time to have the conversation: Is the Bank Secrecy Act unconstitutional?
Today we’re publishing another report on the Bank Secrecy Act (BSA) entitled “Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act.” In our 2019 report, “Electronic Cash, Decentralized...
There’s a centuries-old standard that tells us when regulation of crypto is justified
Today Coin Center submitted a comment letter in the Treasury Department’s ongoing rulemaking on the definition of “broker” for third-party tax reporting purposes. In brief, we argue that the definition...
Late last month the Treasury Department published a proposed regulation to define when a person in crypto qualifies as a “broker” under the tax code and therefore must collect personal...
New Tornado Cash indictments seem to run counter to FinCEN guidance
Roman Storm and Roman Semenov have been indicted for, among other charges, conspiracy to operate an unlicensed money transmitting business. We don't have all the facts but at first blush...
When does a sanction become a seizure? Lessons from the KindHearts case
While researching case law for our Tornado Cash challenge I came across a very interesting holding, KindHearts v. Geithner, that deals with the intersection of the Office of Foreign Assets...
How Congress should (and should not) approach DeFi
Given that Congress is now considering cryptocurrency market structure legislation, we felt it was important to reiterate the distinction between activities by market actors that may be appropriately regulated, and...
The RESTRICT Act, introduced by Senators Warner and Thune, aims to block or disrupt transactions and financial holdings involving foreign adversaries that pose risks to national security. Although the primary...
The bipartisan Digital Asset Anti-Money Laundering Act, introduced today by Sens. Warren and Marshall, is the most direct attack on the personal freedom and privacy of cryptocurrency users and developers...
Tornado Cash is no “golem.” It’s a tool for privacy and free speech.
In a recent article in Lawfare, Henry Farrell and Bruce Schneier defend sanctions imposed on Tornado Cash, a privacy tool on the Ethereum network. They argue that these sanctions are...