Treasury’s Tornado Warning

In a sudden move, the U.S. Department of the Treasury declared Tornado Cash as a sanctioned entity on Monday—barring all Americans from using the service.The move comes on the one‐​year anniversary of Congress’s assault on cryptocurrency via the Infrastructure Investment and Jobs Act. Across the board, critics expressed frustration at the time over how the cryptocurrency provisions in the law were far too broad—effectively labeling miners, software developers, and the like in the same category as exchange platforms. In doing so, the law set a de facto ban on legal cryptocurrency mining and exposed over 60 million Americans to new felony crimes.