Tag: Treasury

US Treasury Removes Tornado Cash From OFAC Sanctions List

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The Department of Treasury has lifted Sanctions on Tornado Cash, the Ethereum based smart contract mixer, following a series of legal defeats and administrative challenges. “Based on the Administration’s review of the novel legal and policy issues raised by use of financial sanctions against financial and commercial activity occurring within evolving technology and legal environments, we have exercised our discretion to remove the economic sanctions against Tornado Cash as reflected in Treasury’s Monday filing in Van Loon v. Department of the Treasury,” the Treasury Department stated.  Quick Overview of the…

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Brazilian Publicly Traded Méliuz Adopts Bitcoin Treasury Strategy

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Brazilian fintech company Méliuz announced Thursday it had allocated 10% of its cash reserves into bitcoin, becoming the first publicly traded firm in the country to adopt a bitcoin treasury strategy. Méliuz invested $4.1 million to acquire 45.72 bitcoins at an average price of $90,926 per coin. The purchase represents roughly 10% of the company’s total cash holdings based on a new policy approved by its board of directors. In a statement, Méliuz said the bitcoin allocation seeks “long-term returns” on the investment as part of its treasury management. The…

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US Deputy Treasury Secretary calls for additional tools to sanction crypto firms

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Wally Adeyemo, Deputy Secretary of the United States Treasury, said his department is looking into new sanctions tools to pursue bad actors in the crypto space, citing a recent settlement with Binance. In prepared remarks for the Blockchain Association’s Policy Summit on Nov. 29, Adeyemo said the U.S. Treasury had called on Congress to allow sanctions in which an entity could be fully cut off from the U.S. financial system. The Deputy Treasury Secretary said the move aimed to stop bad actors like the terrorist organization Hamas from “find[ing] safe…

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Tornado Cash users file appeal over judgment in favor of US Treasury

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A group of Tornado Cash users has filed an appeal in federal court following a ruling upholding the United States Treasury Department’s decision to add the cryptocurrency mixer to its list of sanctioned entities. In a Nov. 13 filing in the U.S. Court of Appeals for the Fifth Circuit, lawyers representing plaintiffs Joseph Van Loon, Tyler Almeida, Alexander Fisher, Preston Van Loon, Kevin Vitale and Nate Welch argued that the U.S. Treasury “stretched [its] authority beyond recognition” in sanctioning Tornado Cash transactions. The filing came in response to an August…

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US Treasury And IRS Propose Regulations On Bitcoin & Crypto Transactions By Brokers

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Today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) have jointly announced a set of proposed regulations focusing on the sale and exchange of digital assets by brokers. The is part of the broader strategy set forth by the Biden-Harris Administration’s bipartisan Infrastructure Investment and Jobs Act (IIJA), in attempt “to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules.” “These proposed regulations would require brokers, including digital asset trading…

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