A nonprofit group devoted to crypto advocacy is submitting an amicus transient in assist of the banned crypto mixer Twister Money.
In a brand new announcement, the Blockchain Affiliation says that it has filed an amicus transient within the Workplace of Overseas Property Management’s (OFAC) lawsuit towards Twister Money, saying that the token mixer is “merely a instrument.”
In accordance with the group, it doesn’t make sense to ban Twister Money outright and authorities ought to as a substitute deal with prosecuting people who use it in an unlawful method, similar to every other instrument.
“Right now, Blockchain Affiliation filed an amicus transient in assist of Twister Money in OFAC’s case towards the autonomous, decentralized software program program.
The problem at hand is easy: Twister Money is just a instrument, and OFAC’s try to sanction a self-executing, privacy-protecting piece of software program is a grave overreach that may have sweeping downstream penalties for People’ privateness.
As with different instruments, we prosecute the people who use these instruments for illicit exercise, fairly than sanctioning or banning the instruments themselves. The identical method ought to maintain true for OFAC’s method to Twister Money.”
The group says that if OFAC is profitable in its case towards the crypto mixer, it might enormously empower the regulatory company in addition to have far-reaching implications for the US crypto trade and the constitutional rights of residents.
“If OFAC succeeds of their motion towards these strains of code, there shall be severe impacts on the US digital belongings trade, jeopardizing law-abiding People’ monetary privateness, threatening their constitutional rights, and enormously increasing OFAC’s energy.”
Earlier this month, Paul Grewal, Coinbase’s chief authorized officer, mentioned he’s optimistic that the ban on Twister Money shall be overturned as a result of “highly effective” authorized arguments being made by the plaintiffs.
Twister Money, which swimming pools collectively funds from differing sources, mixes them up after which redistributes them to extend anonymity, was initially sanctioned by OFAC in August 2022 as a result of it was deemed to be a risk to nationwide safety.
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