As crypto assets gradually begin to recover in value, many mishaps occur in the ecosystem. A strong supporter of cryptocurrencies, Jesse Powell, the CEO of Kraken, takes a dim view of the cash sanctions against Tornado Cash in the United States.
Jesse Powell speaks out against US Treasury sanctions
The crypto ecosystem, although risky, has its own way of operating. Therefore, when the US Treasury decides to remove Tornado Cash’s crypto transaction privacy tool, it’s only fitting that the CEO of Kraken talks about it.
Indeed, Jesse Powell is a strong supporter of cryptocurrencies in general, and bitcoin (BTC) in particular. Therefore, for him, this prohibition is unconstitutional. On Tuesday, he told Bloomberg that people deserve and need financial privacy. He is so certain of this that he added that he did not think these sanctions would last long in the face of a challenge in court.
The US Treasury Department says that these measures are justified and have one goal, to put an end to money laundering. Indeed, he estimates that Tornado Cash’s privacy mixer has laundered $7 billion worth of cryptocurrencies since 2019.
Kraken CEO mixes his voice with many other crypto advocates
Jesse Powell is not the only one to denounce the measures of the US Treasury Department. Indeed, several cryptocurrency supporters dispute this decision. Hayden Adams, the creator of Uniswap also made an exit and affirmed that these sanctions are nothing more than a problem of freedom of expression.
According to him, the crypto sector needs legal privacy tools. The case took on other proportions last Friday with the arrest of an alleged Tornado developer by the Dutch police in Amsterdam. Powell has openly stated that these sanctions are an instinctive response to the collapse of Terra Luna. According to him, he sees no need to remove the Tornado source code from GitHub.
Like Jesse Powell, many people have denounced the unconstitutional closure of Tornado Cash in the United States. However, one representative told Decrypt last week that GitHub had indeed removed the code. However, he reassures that this does not affect the Tornado Cash contracts since the smart contracts are hosted on Ethereum.
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