The Treasury Department’s Office of Foreign Asset Control (OFAC) is removing Tornado Cash from its Specially Designated Nationals (SDN) blacklist.

According to a new announcement from the Treasury Department, OFAC is removing economic sanctions against the crypto protocol.

Tornado Cash is a “crypto mixer” that uses cryptographic smart contracts and zero-knowledge proofs to obscure digital asset transaction trails. It has been criticized for facilitating bad actors, such as North Korea’s Lazarus Group, which uses Tornado Cash to wash stolen funds headed for nuclear development.

The move comes two months after a New Orleans-based U.S. Court of Appeals for the Fifth Circuit lifted sanctions against the controversial protocol.

“It is ordered and Adjudged that the judgment of the District Court is reversed, and the cause is remanded to the United States Court of Appeals District Court for further proceedings in accordance with the opinion of this Court.”

The Department of the Treasury officially filed with the courts on Monday to remove Tornado Cash from the US sanctions list. Now, the Tornado Cash Ethereum address has officially been removed.

Says Secretary of the Treasury Scott Bessent,

“Digital assets present enormous opportunities for innovation and value creation for the American people.

Securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing US leadership and ensuring that the American people can benefit from financial innovation and inclusion.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/JLStock

The post U.S. Department of the Treasury Removes Economic Sanctions Against Tornado Cash appeared first on The Daily Hodl.

The Treasury Department’s Office of Foreign Asset Control (OFAC) is removing Tornado Cash from its Specially Designated Nationals (SDN) blacklist.

According to a new announcement from the Treasury Department, OFAC is removing economic sanctions against the crypto protocol.

Tornado Cash is a “crypto mixer” that uses cryptographic smart contracts and zero-knowledge proofs to obscure digital asset transaction trails. It has been criticized for facilitating bad actors, such as North Korea’s Lazarus Group, which uses Tornado Cash to wash stolen funds headed for nuclear development.

The move comes two months after a New Orleans-based U.S. Court of Appeals for the Fifth Circuit lifted sanctions against the controversial protocol.

“It is ordered and Adjudged that the judgment of the District Court is reversed, and the cause is remanded to the United States Court of Appeals District Court for further proceedings in accordance with the opinion of this Court.”

The Department of the Treasury officially filed with the courts on Monday to remove Tornado Cash from the US sanctions list. Now, the Tornado Cash Ethereum address has officially been removed.

Says Secretary of the Treasury Scott Bessent,

“Digital assets present enormous opportunities for innovation and value creation for the American people.

Securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing US leadership and ensuring that the American people can benefit from financial innovation and inclusion.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/JLStock

The post U.S. Department of the Treasury Removes Economic Sanctions Against Tornado Cash appeared first on The Daily Hodl.