In a long list of horribles, this is one of the most dangerous and irresponsible things coming out of the Trump White House. Tornado Cash exists to make it easier to launder money. Period.
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Trump has been into money laundering for years so allowing Tornado Cash tracks. Very disappointing but totally expected from a mob boss. I can’t wait to hear how “law and order” folks justify this as normal.
Like, it's literally called "Tornado Cash". As in, you throw your cash into a tornado, it gets all mixed up with everybody else's, and then you pull it back out and nobody can tell who got what.
Tornado Cash is a "mixer" that allows you to take crypto currency, commingle it with lots of other people's crypto and spit other crypto out of the back end that has broken all of the transaction history.
In our modern financial system, we limit people's ability to deposit large chunks of cash in bank accounts, or to suddenly pay someone in securities that they quickly liquidate so that we can stop the bad guys from getting paid to do bad things.
This action by the Trump admin basically opens a door for people to do all of that more. The ONLY people who benefit from this are tax cheats, terrorists, Russians, child/drug traffickers... and even worse people. It's f*ing insane that we even have to push back on this.
They think they can hide corruption and other crimes with crypto. They are so wrong. Let them commit their crimes internationally and watch happens in countries where the rule of law still prevails. Crypto doesn’t avoid sanctions and seizures either.
No, stop the treasonous traitors from committing anymore crimes of high treason against The United States of America anymore as immediately as can be legally arranged.
That tracking is a key tool to block child trafficking, drug trafficking, Russian sanctions evasion, terrorist finance, funding North Korean nukes, tax fraud, etc.
I would add only that this isn’t an inadvertent or unavoidable side effect of an otherwise valuable enterprise that has a legitimate reason to exist. It would not exist but for the desire to obscure the source and ownership of money.
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This isn't rocket science, people.
-Seriously?
People actually believe that actual value could simply get created digitally by enabling laundering money..?
Yes, people are stupid & delusional.
Trump seems committed to devaluing the U.S. Dollar & empowering enemies of America, besides stupid, insane, & deranged.
https://www.bakerlaw.com/insights/victory-for-tornado-cash-as-court-rules-sanctions-were-unlawful/