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Treasury’s proposed ‘broker’ rules expand surveillance well beyond a ‘third party doctrine’ that’s already stretched thin

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...

The CANSEE Act is a messy, arbitrary, and unconstitutional approach to DeFi

Yesterday Senators Reed, Rounds, Warner, and Romney introduced the Crypto-Asset National Security Enhancement (CANSEE) Act in the Senate. This bill comes as a surprise as it was apparently developed without...

Treasury’s new DeFi risk assessment relies on ill-fitting frameworks and makes potentially unconstitutional recommendations

Yesterday the Treasury Department released a “DeFi Illicit Finance Risk Assessment.” While the report does not announce any new or changed policy, and correctly acknowledges the much larger illicit finance...

The RESTRICT Act creates blanket authority, with few checks, to ban just about anything linked to a ‘foreign adversary’

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 Digital Asset Anti-Money Laundering Act is an opportunistic, unconstitutional assault on cryptocurrency self custody, developers, and node operators

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...

Coin Center is suing OFAC over its Tornado Cash sanction

Privacy is not the default on Ethereum. If you do your job on Ethereum, your co-workers can see your salary. If you donate to a political cause on Ethereum, the...

U.C. Berkeley’s Decentralized Finance MOOC

Peter Van Valkenburgh gave a lecture on privacy and surveillance law for U.C. Berkeley’s Decentralized Finance MOOC with a focus on the constitutionality of 6050I reporting and the OFAC sanctions against Tornado...

How does Tornado Cash actually work?

Today Coin Center published a detailed factual explanation of how Tornado Cash works. We worked with several world-class Solidity experts who generously donated their time to look directly at the...

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