1/5 Privacy is a human right. Until today, anyone who wasn't keen on disclosing their token portfolio to the world used @TornadoCash. #OFAC today added @TornadoCash smart contracts to its Specially Designated Nationals And Blocked Persons List (SDN). home.treasury.gov/policy-issues/…
2/5 What does that mean? The list includes persons (and now seemingly smart contracts) with whom US persons must not transact. US persons are US citizens, permanent residents, persons in the US, entities organized under US laws or registered in US, incl. their foreign branches.
3/5 #OFAC may impose steep fines for violating sanctions on a strict liability basis, and this is why #OFAC is feared. Although there is no requirement for non-US persons to comply with most #OFAC sanction regimes, many non-US persons do anyway.
4/5 In 2018, OFAC first announced wanting to add wallet addresses to the SDN list see my early 2018 piece on this here: lexology.com/library/detail…) Yet, in in the past, the OFAC added wallet addresses were presumed controlled by a sanctioned person, They were not mere software tools
5/5 @coincenter wrote a great summary about the issues and how this action may potentially violate the US constitution: coincenter.org/u-s-treasury-s…
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