Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Kraken CEO Scorns ‘Unconstitutional’ US Shutdown of Tornado Cash

Aug. 16, 2022, 6:19 PM

US Treasury Department actions to shut the Tornado Cash crypto-mixing service may be “unconstitutional,” according to Jesse Powell, chief executive officer of the digital-asset exchange Kraken.

“People have a right to financial privacy,” Powell said during an interview with Bloomberg TV on Tuesday. “We’ll see if it survives a challenge” in court.

On Aug. 8, Treasury Department sanctioned Tornado Cash because of its use by criminals and the likes of North Korea to launder cryptocurrency. Mixers like Tornado cash can be used to obfuscate sources of coins by mixing different users’ tokens together. But while used by criminals, such ...