Originally published on: December 03, 2024
Amid a legal battle between the United States Department of the Treasury and cryptocurrency mixer Tornado Cash, Coinbase issues a warning to law firms. The recent appellate court decision ruled that OFAC overstepped in sanctioning smart contracts associated with Tornado Cash, shedding light on potential policy changes in 2025.
Bill Hughes, Consensys’ senior counsel, emphasizes that OFAC still holds authority to sanction entities linked to Tornado Cash. The court ruling may lead to a lengthy legal process, with implications for crypto mixers. As a new presidential administration approaches, speculation arises about the Treasury’s stance on crypto regulations.
In a bold move, Coinbase CEO Brian Armstrong announces the company’s decision to avoid law firms hiring individuals opposed to the crypto industry. Armstrong urges the community to hold law firms accountable for their hiring practices, signaling a shift in strategy.
Former SEC Commissioner Paul Atkins emerges as a top candidate to chair the agency under the new administration. His pro-innovation stance and expertise in crypto could have significant implications for regulatory oversight, with talks of transferring responsibilities to the CFTC.
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