BigONE: The Impact Of Tornado’s Cash Recent Ban On The Future Of Cryptocurrency

The Ban’s Impact

The Treasury’s decision to ban Tornado Cash could be a watershed moment for cryptocurrency in several ways. For starters, it demonstrates how far the US government is willing to go in its efforts to contain cryptocurrency as it moves closer to mainstream adoption. Defenders of Tornado Cash have pointed out that the decision is unprecedented because sanctions have been imposed on a piece of code rather than an entity. (Tornado Cash is not a legal entity but a software-controlled mechanism.) This step could mean that other decentralized bodies, such as smart contracts or DAOs (decentralized autonomous organizations), will be targeted soon.

Conclusion

Many people believe that Bitcoin and DeFi are censorship-resistant initiatives that should be left alone by government bodies. BigONE believes the arguments advanced by the US Treasury have some validity but believes that this decision puts more innocent people at risk than guilty. Many blockchain and crypto enthusiasts have been echoing the sentiment that privacy should not be a crime in the last few days, as the crypto community takes steps to reverse what they believe is a horrible decision for crypto enthusiasts living in the United States.

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