Coinbase CLO Defends Privacy Rights Amidst Treasury Battle Over Tornado Cash

• Coinbase’s CLO supports legal challenges for Americans’ privacy rights.
• Treasury’s evolving stance on Tornado Cash faces scrutiny in court.
• Open-source code regulation debated; Congress authorization required.

Coinbase Chief Legal Officer (CLO) Paul Grewal has made a resolute statement regarding the ongoing legal battle surrounding privacy rights in the United States. Grewal expressed Coinbase’s unwavering support for a significant legal challenge aimed at protecting Americans’ privacy rights. The challenge revolves around the use of Tornado Cash, a privacy-focused cryptocurrency tool.

In response to arguments presented by the U.S. Treasury, the plaintiffs involved in the Tornado Cash case have filed a robust brief in the Fifth Circuit Court of Appeals. According to Grewal, the Treasury’s stance appears to have shifted from its initial theory presented in the lower court. The new theory proposed by the Treasury still faces substantial challenges, mirroring the issues of the previous argument.

One of the key points of contention lies in the Treasury’s attempt to extend sanctions to encompass all users and developers of Tornado Cash, based on a shared purpose. However, Grewal points out that the Treasury’s interpretation stretches existing laws, particularly concerning the regulation of open-source software code.

Grewal emphasizes that immutable, open-source code cannot be classified as property, complicating the Treasury’s efforts to regulate its use. To address this issue, Grewal suggests that any regulatory action targeting American citizens’ use of such software must receive authorization from Congress. He notes that the Treasury has acknowledged the need for legislative clarity in this area, as evidenced by its recent appeal to Congress.

In conclusion, Grewal underscores the importance of upholding existing laws without bending them beyond their intended scope. He expresses confidence in the Fifth Circuit’s ability to carefully evaluate the matter. Meanwhile, Coinbase CEO Brian Armstrong reaffirms the company’s commitment to progress and responsibility in navigating complex legal issues.

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