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The Blockchain Association and DeFi Education Fund have filed an amicus brief calling the U.S. Treasury Department’s decision to sanction Tornado Cash “unprecedented and unlawful.”
Until OFAC imposed sanctions, Tornado Cash was the most popular privacy-protecting tool on Ethereum, the world’s second-largest digital asset platform. The software is self-executing computer software published on the Ethereum blockchain, and it functions automatically without any human intervention or assistance.

Blockchain Association Takes On U.S. Treasury Over Tornado Cash Sanction
The filing argues that the decision to sanction Tornado Cash reflects a basic misunderstanding of the software and its workings. The protocol was the most popular privacy-protecting tool on Ethereum until the Office of Foreign Asset Control (OFAC) imposed sanctions.
The amicus brief highlights the importance of Tornado Cash as a tool for protecting the privacy of digital asset users. It argues that Americans are using digital assets more than ever, with 20 percent of American adults owning digital assets and 29 percent planning to buy or trade digital assets.
The brief also notes that software like Tornado Cash can be misused for illicit purposes but is primarily used for legitimate and socially valuable reasons. The filing further claims that the sanctions exceed OFAC’s statutory authority and result from “arbitrary-and-capricious decision-making.”


OFAC sanctioned the protocol on November 18, 2021, along with seven other entities, for their alleged involvement in facilitating ransomware payments. OFAC designated Tornado Cash as a “Specially Designated National” (SDN), meaning that U.S. persons are generally prohibited from engaging in transactions with or providing services to the protocol. The sanctions on Tornado Cash were imposed under Executive Order 13694, which targets the malicious cyber activities of individuals and entities.

As reported by Bitcoinist, Crypto think tank Coin Center has been one of the most vocal critics of the U.S. Treasury’s decision to impose sanctions on Tornado Cash. Coin Center argued that the sanctions on Tornado Cash were misguided and could have far-reaching consequences for the crypto industry.
Furthermore, Coin Center highlighted that Tornado Cash is an open-source protocol that allows users to mix Ethereum transactions to protect their privacy. While the platform could be used for illicit purposes, Coin Center argued that the same could be said for many other technologies, including cash and the internet.
Following the same line, cryptocurrency exchange Coinbase backed a group of plaintiffs who wanted sanctions imposed by the U.S. government against Tornado Cash to be removed. The plaintiffs, Joseph Van Loon, Tyler Al-meida, Alexandra Fisher, Preston Van Loon, Kevin Vitale, and Nate Welch, argue that the government cannot sanction Tornado Cash because it is “just software and, therefore, not a foreign national or person.”

The Blockchain Association and DeFi Education fund are leading nonprofit organizations dedicated to improving the policy environment for the digital asset economy and ensuring blockchain technology innovation can thrive. They work to educate policymakers, regulators, courts, and the public about the nature and benefits of blockchain technology and decentralized finance (DeFi).

The decision raises serious regulatory and constitutional questions that have wide-ranging effects on the blockchain ecosystem and the digital asset economy. This case could set a precedent for how governments regulate blockchain technology and decentralized finance, making it crucial for the court to consider the arguments presented in the brief fully.

Featured image from Unsplash, chart from TradingView.com


The Blockchain Association and DeFi Education Fund have filed an amicus brief calling the U.S. Treasury Department&#8217;s decision to sanction Tornado Cash &#8220;unprecedented and unlawful.&#8221; Until OFAC imposed sanctions, Tornado Cash was the most popular privacy-protecting tool on Ethereu...

bitcoinist.com

Tornado Cash Sanctions Called “Unprecedented And Unlawful” By The Blockchain Association

A total of 517,000 token votes were in favor of the proposal, with none opposing it.

cointelegraph.com

Tornado Cash governance control set to be restored as token votes approve proposal

A UK-centered bank with $28 billion in assets under management is demanding customers explain why they are withdrawing cash.
NatWest bank says if the answer is not satisfactory, it will force customers to provide documentation proving there’s a legitimate reason for taking their money out.

The bank says the procedures are designed to protect its customers from scams.
“Cash withdrawals are the least secure way of making payments given the number of other alternative options available through our Online Banking and Mobile App services… 
Our primary aim is to keep customers safe and secure, and our branches follow our processes carefully to achieve this. This will include asking you questions about the purpose of your cash withdrawal, and in some cases, for supporting documentation such as an invoice. This helps us validate the withdrawal as genuine and protect you against fraud and scams.”
NatWest says it will block customers from withdrawing cash if they believe there’s an issue.
“In some instances, we may decline the cash withdrawal based on the information provided surrounding the transaction. This would only ever be in situations where we need to safeguard our customers.”
In addition to outlining the details on its website, NatWest is also posting notices on its brick-and-mortar branches.
Source: Wall Street Silver
NatWest says it also requires customers who want to withdraw more than £20,000 alert the bank ahead of time and give three-days notice.
For withdrawals between £5,000 and £19,999, the bank says it’s “advisable” for customers to give 24 hours notice.
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The post Billion-Dollar Bank Demands Customers Prove Withdrawals Are Valid, Warns Cash Can Be Refused At Will appeared first on The Daily Hodl.


A UK-centered bank with $28 billion in assets under management is demanding customers explain why they are withdrawing cash. NatWest bank says if the answer is not satisfactory, it will force customers to provide documentation proving there&#8217;s a legitimate reason for taking their money out. ...

dailyhodl.com

Billion-Dollar Bank Demands Customers Prove Withdrawals Are Valid, Warns Cash Can Be Refused At Will

The policies include a series of cash benefits to attract metaverse-related companies to set up shop in the city.

Chinese city releases policy draft for metaverse industry development


Bitcoin Cash (BCH) price failed to take off as investors anticipated after the recent network upgrade. On-chain data reveals the critical factors that invalidated the bullish BCH price prediction. But how long could the downtrend last? 



On May 16, Bitcoin Cash (BCH) made glowing headlines after its recent successful “Cash Tokens” network upgrade. The upgrade will bring NFTs and smart contracts to the Bitcoin Cash ecosystem. 



But instead of a Bitcoin Cash price pump, as anticipated by many stakeholders, BCH has entered a downtrend. With Miners selling and Long-term holders booking profits, investors are now wondering how long the bearish outlook could last.  



Bitcoin Cash Miners are Offloading their Reserves



Miners on the Bitcoin network appear to be selling off their block rewards, indicating their bearish sentiments. IntoTheBlock’s BCH Miner Reserves data evaluates the number of coins held in the wallet addresses of recognized miners and mining pools. 



The chart below shows how BCH miners have offloaded over 550,00 coins between April 29 and May 23. 



Bitcoin Cash (BCH) Price Prediction, May 2023 – Miners Reserve – Source: IntoTheBlock



At the current market value of $113, the coins sold over the past month are worth over $62.15 million. The persistent sell-off appears to be a major driver behind the recent Bitcoin Cash price retracement. 



BCH miners hold about 2.8% of the total Bitcoin Cash circulating supply. Consequently, this selling pressure among the miners could cause other strategic investors to become bearish themselves over the coming days.



Long-term Holders Have Been Selling this Week



This week, long-term investors on the BCH network have increased their selling activity.  This further confirms the general bearish sentiment surrounding the Bitcoin Cash ecosystem at the moment.



The Santiment chart below shows that BCH Age Consumed has increased progressively since May 20. 



In simple terms, Age Consumed evaluates the number of recently moved coins multiplied by the number of days spent in their previous wallet addresses. 



Between May 20 and May 23, it has soared from 12,929 to 4.8 million. 



Bitcoin Cash (BCH) Price Prediction, May 2023 – Age Consumed. Source: Santiment



When Age Consumed rises, as seen above, it indicates that long-term holders are increasingly selling off their tokens. 



Considering that Long Term investors hold about 59% of the total BCH circulating supply, a prolonged selling frenzy among them could see the market get saturated. 



In summary, miners and long-term investors are critical to the viability of any blockchain ecosystem. A prolonged selling action among them could indicate more imminent BCH price downswings. 



BCH Price Prediction: Will it Drop to $100? 



IntoTheBlock’s In/Out of the Money data shows that the $115 resistance could prove too strong for the bulls. And with the current market dynamics outlined above, a decline toward $100 is the more likely BCH price prediction. 



However, the bears could face stiff competition from 284,000 bullish investors who had bought 383,000 BCH at an average price of $110. 



If the bears can breach that critical $110 support zone, Bitcoin Cash price will likely drop to $100.



Bitcoin Cash (BCH) Price Prediction May 2023 – IOMAP data. Source: IntoTheBlock



On the other hand, the bulls could invalidate the bearish Bitcoin Cash price prediction if BCH breaks above the critical $115 resistance. 



But the potential sell pressure from the 463,800 investors that bought 2.15 million BCH at an average price of $116 could trigger a pullback. 



If the price manages to breach the $115 resistance, BCH could proceed to reclaim the $120 milestone.
The post Bitcoin Cash (BCH) Price Fails to Break Out – Is $100 Next? appeared first on BeInCrypto.


Bitcoin Cash failed to take off after recent network upgrade. On-chain data reveals critical factors behind the bearish BCH price prediction
The post Bitcoin Cash (BCH) Price Fails to Break Out &#8211; Is $100 Next? appeared first on BeInCrypto.


Bitcoin Cash price	$115.00
Low - High 24H	$113.98 - $115.09
Market cap	$2.23B
Volume 24H	$41.19M
All time high	$3,785.82 -96.96% December 20th 2017
All time low	$76.93 49.57% December 16th 2018
Genesis date	N/A

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