Coinbase Funds Lawsuit Against Treasury Over Tornado Cash Sanctions as SEC Pushes for Stricter Crypto Regulations
Coinbase Backs Legal Challenge to Tornado Cash Sanctions
On September 8, Coinbase announced its support for a lawsuit against the U.S. Treasury Department, challenging sanctions imposed on Tornado Cash. This decentralized mixing service was penalized for its alleged role in facilitating illegal activities. Coinbase's involvement underscores its commitment to defending privacy and decentralization in the crypto space.
SEC Seeks Stricter Crypto Regulations
The following day, SEC Chair Gary Gensler revealed ongoing collaboration with Congress to draft new cryptocurrency regulations. This move reflects growing regulatory scrutiny of the industry, aiming to enhance investor protection and market integrity.
Reactive Approach to DeFi Regulation
These developments highlight a reactive stance by governments toward decentralized finance. While Coinbase challenges existing sanctions, the SEC is proactively seeking to expand regulatory frameworks. This dual approach indicates the complex and evolving nature of crypto regulation, with both legal and legislative efforts shaping the future of the industry.
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