Bankless Tornado Cash BANNED By OFAC... Is this the War on Crypto?
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Aug 11, 2022 In this discussion, Jerry Brito, a cryptocurrency and policy expert, delves into the recent OFAC ban on Tornado Cash. He explains the implications of criminal activity intertwined with privacy tools and the challenges of regulating decentralized technologies. Jerry highlights the legal and ethical dilemmas surrounding user privacy versus government oversight. This ban raises significant questions about the future of decentralized finance and the fundamental right to privacy in the crypto space.
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Personal Use of Tornado Cash
- David Hoffman has used Tornado Cash for privacy, not illicit activities.
- He wants to buy tokens and NFTs without public scrutiny.
Sanctioning a Smart Contract
- Tornado Cash's addition to the OFAC SDN list is unprecedented.
- It's the first time a non-human entity, a smart contract, has been listed.
Smart Contracts vs. People
- Sanctioning smart contracts, like Tornado Cash, differs from sanctioning people or entities.
- Smart contracts are autonomous and lack intent, making traditional sanctions ineffective.
