Trump administration unlikely to change Tornado Cash approach, Coinbase warns law firms: Law Decoded

Many in the crypto industry are still reeling from the appeals court's ruling that the US Treasury's Office of Foreign Assets Control (OFAC) has sanctioned some smart contracts related to crypto mingling Tornado Cash.

In the year On November 26, the US Court of Appeals for the Fifth Circuit ruled that OFAC “exceeded its statutory authority” when it approved certain Tornado Cash smart contracts in 2022.

Although the decision doesn't close the door on the Treasury Department case, the six plaintiffs backed by Coinbase could see policy changes in 2025, affecting how courts treat addresses related to crypto-miners.

Bill Hughes, Consensus' senior counsel and director of global regulatory affairs, told Cointelegraph that OFAC still has “a lot of authority” to punish entities linked to Tornado Cash. The Nov. 26 ruling sends the case back to lower courts, where attorneys can file motions for summary judgment, a process that “could take months.”

In the year Under a new presidential administration in 2025, led by Donald Trump, the Treasury could continue to adapt the sanctions regime to the court's decision or fight the case on appeal.

“I think under the Trump administration this proposal is more likely to be adopted as Treasury policy,” Hughes said, adding that it is still unlikely that the Treasury will change the status of the Tornado Cash sanctions before Trump leaves office.

“It's to see how aggressive the Trump administration is on these national security issues when it comes to crypto,” Hughes said. “I can see the Treasury under the Trump administration giving away the court's analysis of immutable smart contracts.”

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Coinbase drops anti-crypto law firms hiring ex-SEC staff – CEO

Coinbase CEO Brian Armstrong said the cryptocurrency exchange will not work with law firms that employ individuals who have been involved in what he described as anti-crypto measures while in government.

On December 3, Armstrong wrote in X's post that Coinbase would remove law firms that hired people who tried to “kill the industry illegally” without explaining the rules. He urged the crypto community not to support individuals who have been working in the sector.

Armstrong said senior partners at law firms are often unaware of the crypto industry's position on this issue. He encouraged community members to let their law firms know that hiring anti-crypto officials could hurt business.

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Paul Atkins has emerged as a candidate for SEC chairman

Former U.S. Securities and Exchange Commission Commissioner Paul Atkins has emerged as the front-runner to chair the agency under President Donald Trump's new administration.

Atkins is known for his creativity and expertise in crypto, and is said to be able to return the agency to the so-called “gold standard,” according to financial reporter Eleanor Terrett of The X Post.

Atkins' potential appointment comes amid speculation that the Trump administration may transfer oversight of cryptocurrency regulation from the SEC to the Commodity Futures Trading Commission (CFTC), marking a major policy shift that could have a major impact on the crypto industry.

Continue reading

Many in the crypto industry are still reeling from the appeals court's ruling that the US Treasury's Office of Foreign Assets Control (OFAC) has sanctioned some smart contracts related to crypto mingling Tornado Cash.

In the year On November 26, the US Court of Appeals for the Fifth Circuit ruled that OFAC “exceeded its statutory authority” when it approved certain Tornado Cash smart contracts in 2022.

Although the decision doesn't close the door on the Treasury Department case, the six plaintiffs backed by Coinbase could see policy changes in 2025, affecting how courts treat addresses related to crypto-miners.

Bill Hughes, Consensus' senior counsel and director of global regulatory affairs, told Cointelegraph that OFAC still has “a lot of authority” to punish entities linked to Tornado Cash. The Nov. 26 ruling sends the case back to lower courts, where attorneys can file motions for summary judgment, a process that “could take months.”

In the year Under a new presidential administration in 2025, led by Donald Trump, the Treasury could continue to adapt the sanctions regime to the court's decision or fight the case on appeal.

“I think under the Trump administration this proposal is more likely to be adopted as Treasury policy,” Hughes said, adding that it is still unlikely that the Treasury will change the status of the Tornado Cash sanctions before Trump leaves office.

“It's to see how aggressive the Trump administration is on these national security issues when it comes to crypto,” Hughes said. “I can see the Treasury under the Trump administration giving away the court's analysis of immutable smart contracts.”

Continue reading

Coinbase drops anti-crypto law firms hiring ex-SEC staff – CEO

Coinbase CEO Brian Armstrong said the cryptocurrency exchange will not work with law firms that employ individuals who have been involved in what he described as anti-crypto measures while in government.

On December 3, Armstrong wrote in X's post that Coinbase would remove law firms that hired people who tried to “kill the industry illegally” without explaining the rules. He urged the crypto community not to support individuals who have been working in the sector.

Armstrong said senior partners at law firms are often unaware of the crypto industry's position on this issue. He encouraged community members to let their law firms know that hiring anti-crypto officials could hurt business.

Continue reading

Paul Atkins has emerged as a candidate for SEC chairman

Former U.S. Securities and Exchange Commission Commissioner Paul Atkins has emerged as the front-runner to chair the agency under President Donald Trump's new administration.

Atkins is known for his creativity and expertise in crypto, and is said to be able to return the agency to the so-called “gold standard,” according to financial reporter Eleanor Terrett of The X Post.

Atkins' potential appointment comes amid speculation that the Trump administration may transfer oversight of cryptocurrency regulation from the SEC to the Commodity Futures Trading Commission (CFTC), marking a major policy shift that could have a major impact on the crypto industry.

Continue reading