Wednesday, December 6, 2023

Blockchain Affiliation Reveals Assist for Banned Twister Money in New Amicus Transient Submitting

A nonprofit group devoted to crypto advocacy is submitting an amicus temporary in assist of the banned crypto mixer Twister Money.

In a brand new announcement, the Blockchain Affiliation says that it has filed an amicus temporary within the Workplace of Overseas Belongings Management’s (OFAC) lawsuit in opposition to Twister Money, saying that the token mixer is “merely a software.”

In accordance with the group, it doesn’t make sense to ban Twister Money outright and authorities ought to as a substitute concentrate on prosecuting people who use it in an unlawful method, similar to every other software.

“Immediately, Blockchain Affiliation filed an amicus temporary in assist of Twister Money in OFAC’s case in opposition to the autonomous, decentralized software program program.

The difficulty at hand is straightforward: Twister Money is solely a software, and OFAC’s try to sanction a self-executing, privacy-protecting piece of software program is a grave overreach that can have sweeping downstream penalties for Individuals’ privateness.

As with different instruments, we prosecute the people who use these instruments for illicit exercise, somewhat 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 in opposition to the crypto mixer, it may vastly 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 in opposition to these traces of code, there might be critical impacts on the US digital belongings trade, jeopardizing law-abiding Individuals’ monetary privateness, threatening their constitutional rights, and vastly increasing OFAC’s energy.”

Earlier this month, Paul Grewal, Coinbase’s chief authorized officer, mentioned he’s optimistic that the ban on Twister Money might 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 menace to nationwide safety.

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