US Treasury's Approach to Tornado Cash and Shift in Stablecoin Regulation

By: Eva Baxter

According to a recent post by the Chief Legal Officer of Coinbase, Paul Grewal, the US Treasury may be pushing old laws past their limit in regard to Tornado Cash. Grewal raised questions over the agency's viewpoint, asserting that immutable, open-source software code isn't property.

In other related news, another notable development is being observed in the crypto-specific legislation. U.S. Senators Cynthia Lummis and Kirsten Gillibrand are attempting a new approach with a meticulously crafted bill. The objective of this proposal is to systematically define how stablecoins, cryptocurrencies that retain a value with some other asset (such as the U.S. dollar), will function within the United States.