Summary
TLDR: Coinbase’s chief legal officer criticizes U.S. Treasury for sanctioning Ethereum mixer protocol Tornado Cash, stating that code is not property and cannot be regulated. Tornado Cash founders have been charged with money laundering. Coinbase is backing Tornado Cash in a lawsuit against the government to prove that the Treasury does not have the authority to sanction a mixer protocol. Coinbase CEO Brian Armstrong believes sanctioning open-source software is not the best solution and punishes innocent parties.
Key Points
1. The U.S. Treasury has sanctioned the Ethereum mixer protocol Tornado Cash, leading to charges against its founders for money laundering and other violations.
2. Coinbase’s chief legal officer, Paul Grewal, criticized the Treasury for trying to regulate code as property, arguing that open-source software should not be subject to sanctions.
3. Coinbase has backed Tornado Cash in a lawsuit against the U.S. government, highlighting the broader implications for the crypto industry in terms of privacy and security.