Companies • August 17, 2023, 4:14PM EDT
Published 1 minute earlier on

Quick Take
- A district court judge sided with the Treasury Department in a lawsuit backed by Coinbase over Tornado Cash sanctions.
A district court judge sided with the Treasury Department in allowing a summary judgment, going against six plaintiffs who said that the agency exceeded its authority when it sanctioned crypto mixer Tornado Cash last year. “It is ordered that Plaintiffs Joseph Van Loon, Tyler Almeida, Alexander Fisher, Preston Van Loon, Kevin Vitale, and Nate Welch’s Motion for Partial Summary Judgment, is denied,” Judge Robert Pitman said in a court filing on Thursday. Several employees of Coinbase filed suit last year to roll back the sanctions, with the crypto exchange financially backing the suit. "We continue to believe Plaintiffs' challenge to OFAC's Tornado Cash action is right. We’ve always known that Fifth Circuit review is required to resolve these issues, and we continue to support them on appeal," Coinbase chief legal officer Paul Grewal wrote on X, or Twitter. "Rights are rarely secured on a path that is always ⬆️ and ➡️." © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.