The announcement from Tornado Cash that it has started to block addresses sanctioned by the U.S. Office of Foreign Assets Control (OFAC) likely indicates the direction that the cryptocurrency industry is taking in relation to regulation throughout the world.
The Ethereum-based mixing service ortaya on April 15 that it leverages an oracle created by blockchain data company Chainalysis to access the list of sanctions.
Liste şunları içerir cüzdan addresses controlled by Lazarus, the North Korean-backed hacker group accused by the FBI of 620 milyon dolar çalmak from Axie Infinity’s Ronin Network bridge, as well as from several Russian individuals and a Russian ransomware group.
“Maintaining financial privacy is essential to preserving our freedom, however, it should not come at the cost of non-compliance,” tweeted Tornado Cash.
Financial freedom under threat
Criticism of Tornado Cash, a tool used by crypto investors to obscure their transactions, was swift. Privacy die-hards pointed to the contradiction in that some of the mixer’s strongest traits have always been privacy and autonomy.
“[Financial freedom] should absolutely come at the cost of non-compliance,” şuraya Bruno Skvorc, founder of Aynen token (NFT) outfit RMRK. “The only way ahead is maximum disobedience and this is a truly cowardly move.”
Hükümetler için kripto para birimi, görmezden gelinemeyecek kadar ana akım ve ihmal edilemeyecek kadar kaotik hale geliyor. Dünya genelinde devlet kurumları, kripto yatırımcılarını yalnızca vergilerle değil, zorunlu kayıt ve tam açıklama kurallarıyla da hedefliyor.
State regulation increasingly appears to be the price the crypto community will have to pay for assimilation into the mainstream economy. This raises existential questions about the direction of the industry, in particular, whether decentralization as a tool for resisting censorship is a myth.
“Centralized and licensed crypto platforms will always be the reference point for the kind of balance this new industry has to exhibit to gain the trust of the government and regulators around the world,” Daniele Casamassima, CEO of banking and crypto ecosystem Pure, told [In]Kripto Ol.
“The decentralization myth can be turned into a progressive reality if dApps are willing to follow directives…the question, however, lies in how many of these dApps will align with the regulatory check, as many may see it as an affront to the tenets of financial freedom,” he added.
Regulatory encroachment
Regulation is rolling out with the innocuous-sounding promise of support for innovation, but it is not clear how heavily government whims will impose upon investors and exchanges going forward.
Individuals looking to operate in an insular system, away from central bank and state oversight, are increasingly confronted with new top-down demands for the industry which include the closure of firms and freezing accounts.
Some of the regions that have weaponized lawbooks to control aspects of digital asset use include China, India, Malaysia, Australia, Japan, the EU, and the U.S.
China banned the use and trade of bitcoin (BTC) while the U.S. Securities and Exchange Commission has said in the past that it considers many crypto assets to be securities and that güvenlik laws will be applied to wallets and exchanges where necessary.
In a blog post, renowned Defi architect Andre Cronje açıkladı endüstrinin öncülerinin özerk köktenciliğinden nasıl ilerlediğini ve şimdi düzenleme ve güvenlik arayışında olduğunu.
“Kripto düzenlemesi nedeniyle düzenleyici kurumlarla savaşmaya çalışmak yerine, düzenlenmiş kriptoyla ilgilenmeye ve eğitmeye çalışmalıyız. Bir belirteç verme lisansı nasıl olmalıdır? Bir borsanın faaliyetleri neye genişletilmelidir?” dedi.
Ethical grounds for decentralized decision-making
Cryptocurrency regulation is usually themed around money laundering and funding of terrorism. A series of heists has not helped the cause of crypto, with victims clamoring for governments to wade into the chaos in messianic garb.
Borsalar ve diğer kripto hizmet sağlayıcıları, otoriteden alaycı ayrılmayı sürdüren kripto öncülerinden bir kopuş göstererek, hükümetin kucaklaşmasını ihtiyatlı bir şekilde memnuniyetle karşıladılar.
Jonathan Caras, a member of the Luna Foundation Guard governing council, told [In]Kripto Ol that “we’re seeing a great example of successful decision making on decentralization with Tornado Cash.”
He said decentralization was always a spectrum that involved censorship resistance on the front end, while the other decentralization occurred at the back end. Caras believes soft-touch regulation may be relevant to bringing cryptocurrency into the mainstream.
“We mustn’t confuse whether or not decentralized decision-making can leverage centralized services such as an oracle,” he cautioned. “I think it’s pretty clear a decentralized group of decision-makers can decide there are ethical or moral boundaries that they don’t want to be responsible for, such as allowing terrorists to money launder.”
Continuing, Caras said:
“If this type of decision, however, were made behind closed doors knowing that the community rejected the idea, that would be an example of a failure of decentralization.”
Crypto gives up its envisioned autonomy
Kripto, aracısız işlerin eşler arası yürütüldüğü bir otorite karşıtı buluş olarak düşünülse de, kullanıcıların kendi takdirlerini kullanmalarını gerektiren iç kontrollerin eksikliği, suç saikleri olanlar tarafından istismar edildi.
Örneğin, hackers have stolen more than $1.22 billion from the decentralized finance (Defi) market this year alone. Across the crypto universe, this all bundles into a disarming pretext for state control.
The current direction of crypto mapped by government regulators is, however, a far cry from Bitcoin kurucu Satoshi Nakamoto’s whitepaper, which declared:
"İhtiyaç duyulan şey, güven yerine kriptografik kanıta dayalı, herhangi iki istekli tarafın güvenilir bir üçüncü tarafa ihtiyaç duymadan doğrudan birbiriyle işlem yapmasına izin veren bir elektronik ödeme sistemidir."
Third parties are now fully immersed in the crypto ecosystem, which some industry players are coolly rationalizing as a coming-of-age phase for the digital asset economy.
As the cryptocurrency industry matures, it is becoming increasingly tangled in tax policies and institutional oversight that significantly cedes its envisioned autonomy.
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Source: https://beincrypto.com/tornado-cash-blocking-sanctioned-addresses-shows-privacy-is-a-myth/