Tornado Cash BANNED By OFAC... Is this the War on Crypto?

On Monday, the U.S. Treasury Department made a smart contract illegal. 

They can do that?? 

David walks you through the news, with multiple interviews from Jerry Brito and Collins Belton, two experts in the matter. 

Let us know how you like the format!

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Topics Covered:

0:00 Intro
Opening Shot: https://twitter.com/RyanSAdams/status/1556743328774995971?s=20&t=OzfqFxxolrjhwZICo4KV6w 
Ripple Effects: https://twitter.com/collins_belton/thread/1556650759994970113 
Neutral Tool: https://twitter.com/jerrybrito/status/1556667240711438337?s=20&t=avKH9mQ1_3KDno2P2THs7Q 

4:00 What is OFAC?
Overview: https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information 
Press Release: https://home.treasury.gov/news/press-releases/jy0916 
Sec Blinken: https://twitter.com/SecBlinken/status/1556677862345801728?s=20&t=QwqpNxU9CYKPz8LhBATSFQ 

7:44 What is Tornado Cash?
Breakdown: https://blog.chainalysis.com/wp-content/uploads/2022/08/tornado-pie-1536x1034.png 
Treasury Misleading: https://twitter.com/USTreasury/status/1556655337431785472?s=20&t=Jw5y0Xr4fHSelCzfhWvYlQ 
Alex Svanevik: https://twitter.com/ASvanevik/status/1556983834809614337?s=20&t=OCDr5P9jRweG9RVYdmmxKQ 

10:20 Using Tornado Cash
Neeraj Meme: https://twitter.com/NeerajKA/status/1556707552251060225?s=20&t=UNffL4gM4hBsaXDEZ0gJ_w 
Clean ETH2 Addresses:  https://twitter.com/econoar/status/1556775153153048582?s=20&t=63-Nwh2Lv7u8tTC4E-CVUw 
More Use Cases: https://twitter.com/RezaJafery/status/1556751888896258049?s=20&t=9rJ2buSh4PCTPMlNKezAyw 

12:15 Banning Smart Contracts
Coin Center Announcement: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ 

17:08 Ripple Effects
Circle: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets 
Github: https://twitter.com/bantg/status/1556721709931175937?s=20&t=LSCI_12-Giipv727Y52qUg 
Infura & Alchemy: https://twitter.com/0xdev0/status/1556933551073153024 

20:55 A Ban on Who?
Cobie & Gainzy: https://twitter.com/cobie/status/1556647650212155394?s=20&t=F8nhR0zX4PkbGGOl1JmBCQ 
Depositing .1 ETH: https://twitter.com/josephdelong/status/1557011056572129280?s=20&t=F1JszlO7Zm0lm4EGsgBrNg 

23:14 A Chilling Effect
Attacking Free Speech: https://twitter.com/matthew_d_green/status/1556764387796340736?s=20&t=w8K19sEWj_AVS372HOjHTw 

25:47 Decentralization
Priorities: https://twitter.com/econoar/status/1556825245381578753?s=20&t=63-Nwh2Lv7u8tTC4E-CVUw 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
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