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Coin Center argues that the Tornado Cash indictment lacks evidence of a 'clear violation' of specific laws.

Coin Center argues that the Tornado Cash indictment lacks evidence of a ‘clear violation’ of specific laws.

Coin Center research director Peter Van Valkenburgh has criticized the indictment of two former Tornado Cash developers, arguing that the facts presented do not show clear violations of money-transmitting-related offenses. Valkenburgh argues that Tornado Cash is an anonymizing software provider, not a money transmitter, and therefore should not be subject to the same regulations. He cites guidance from the US Financial Crimes Enforcement Network (FinCEN) that states an anonymizing software provider is not a money transmitter. Valkenburgh also criticizes claims in the indictment that suggest the developers had complete control over the protocol’s smart contracts, stating that control over the operation of smart contracts is a key factor in determining whether one is performing money transmission. Coin Center has previously opposed the US Treasury’s sanctioning of Tornado Cash. The outcome of this case could have significant implications for the legal rights of US citizens to build and publish software in the future.

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