Will You Join the Fight Against the Tornado Cash Ban?

On April 5, a motion for partial summary judgment was filed in a Texas district court by six individuals supported by cryptocurrency exchange Coinbase. The plaintiffs contend that the United States Office of Foreign Asset Control (OFAC) violated the First Amendment’s Free Speech clause by going beyond its statutory authority under the International Emergency Economic Powers Act (IEEPA).

The offended parties’ most memorable case centers around the way that OFAC penetrated a segment of the IEEPA that permits the Depository to make a move against the property in which an outside country or far off public has an interest. The plaintiffs contend that open-source software, such as the roughly twenty smart contracts that enable Tornado Cash, cannot be owned, so this provision does not apply. They emphasize that an immutable smart contract is not property because it cannot be owned.

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The plaintiffs’ second argument is that OFAC’s restriction on open-source code is in violation of the First Amendment’s Free Speech Clause. They argue that a complete ban is wildly out of proportion to the amount of money laundering, which was only 0.05% of crypto transactions in 2021. Although a complete ban on Tornado Cash is unreasonable, the plaintiffs point out that OFAC has the authority to take action against “crypto thieves” like the Lazarus Group from North Korea. They underscored that prohibiting all purposes of Twister Money is similar to forbidding the print machine in light of the fact that a small part of clients could distribute directions on the most proficient method to fabricate an atomic weapon.

The plaintiffs’ motivation for the motion is part of a larger effort to restore U.S. citizens’ internet privacy rights. The case has received a lot of attention because it could have an impact on internet privacy rights and OFAC’s authority. Tornado Cash’s creator, Alexey Pertsev, is also being sued in The Netherlands on a number of money laundering charges.

Due to its potential impact on internet privacy rights for US citizens, the legal challenge against the Treasury of the United States has gained attention. Plaintiffs contend that OFAC violated the First Amendment’s freedom of speech by going beyond its statutory authority under the International Emergency Economic Powers Act. They argue that it is unreasonable to completely ban Tornado Cash and that open-source software cannot be considered property. The case has the potential to define OFAC’s authority and internet privacy rights.