Circle claims that freezing wallets violated its values about an open internet

The stablecoin issuer hopes to collaborate with regulators and other industry participants to achieve a level playing field in which to comply with existing regulations without jeopardizing individual privacy and freedom.

Responses to the Tornado Cash Sanction

Many cryptocurrency users value their financial privacy, and the US Treasury’s ban on Tornado violates that right.

CoinCenter had already issued a statement expressing worry over the breach of liberty:

“All Americans who may wish to use this automated tool in order to protect their own privacy while transacting online who are having their liberty curtailed without the benefit of any due process.”

To emphasize its utility for privacy protection, Ethereum Co-founder Vitalik Buterin stated in a tweet that he employed Tornado cash to safeguard the privacy of the recipients of his donation to Ukraine’s military efforts.

CommerceBlock’s privacy pioneer CEO Nicholas Gregory explained that the restriction may do little to curb cybercrime.

“The ban on Tornado Cash makes little sense, because in the end, no one can prevent people from using other mixer smart contracts, or forking the existing ones. It neither hinders cybercrime, nor privacy.”