Coinbase Backs Twister Money, Seeks to Shield Proper to Privateness

• The plaintiffs within the Twister Money case filed a robust response to the U.S. Treasury.
• Coinbase helps the crypto mixer and goals to “protect” Individuals’ proper to privateness.
• Twister Money co-founder Roman Storm has denied allegations of cash laundering.

Within the ongoing authorized battle surrounding allegations of cash laundering, Ethereum-based crypto mixer Twister Money has obtained assist from crypto change Coinbase’s authorized chief, Paul Grewal, who has stepped ahead to “protect” Individuals’ proper to privateness.

In a sequence of posts on social media platform X, Grewal highlighted Coinbase’s backing for a big authorized problem aimed toward defending privateness rights. 

Grewal acknowledged that within the Fifth Circuit Courtroom of Appeals, the plaintiffs within the Twister Money case filed a robust response to arguments offered by the USA Treasury.

As per the submitting, the Treasury wanted to “set up that it had sanctioned an affiliation made up of people that share a typical function,” famous Grewal. He additionally identified a shift within the Treasury’s argument, stating:

In a shocking twist, Treasury appears to have deserted its principle within the decrease courtroom for why all 1.5 million TORN holders, and the builders and founders of Twister Money, share a typical function. Now it presents a brand new principle, however with all the issues of the final one.

Relating to the Treasury’s proposed sanctions, Grewal raised issues concerning the interpretation of current statutes, significantly in relation to open-source software program code. He emphasised that such code will not be labeled as property, which poses challenges for the Treasury’s regulatory authority restricted to “property” with overseas nationwide pursuits.

Grewal argued that any try by the Treasury to control Americans’ use of open-source software program like Twister Money would necessitate congressional authorization. He referenced the Treasury’s current attraction to Congress to deal with what it perceives as a regulatory hole regarding such software program.

Notably, Twister Money co-founder Roman Storm denied allegations indicting him of conspiracy to commit cash laundering of over $1 billion and violation of sanctions. He was launched on bail final yr in August.