The U.S. Treasury Department faces a second lawsuit over its August decision to sanction Tornado Cash, a crypto-mixing service that obscures sources of coin transactions.
The lawsuit filed Wednesday claims the Treasury's sanctions overstepped its authority and punishes US cryptocurrency investors. A crypto industry advocacy group, Coin Center, and a group of users who relied on Tornado Cash for normal privacy reasons named Janet Yellen, secretary of the Treasury, among the defendants.
In August, the Treasury's Office of Foreign Assets Control accused Tornado of laundering more than $7 billion of cryptocurrencies since its creation in 2019, including some virtual currencies stolen by a North Korea-sponsored hacking group. The agency also sanctioned crypto wallets associated with Tornado Cash, as well as a related code known as smart contracts, a type of computer program that automatically executes transactions.
The following month, Coinbase Global Inc. helped organize and fund a lawsuit against the Treasury over its sanction of Tornado Cash. Brian Armstrong, chief executive officer of the cryptocurrency exchange, has said that sanctioning a technology could lead to unintended consequences for the industry that's largely built on smart contracts.
A spokesperson for the Treasury Department didn't immediately respond to a request for comment. The suit was filed in the U.S. District Court for the Northern District of Florida.
The Los Angeles-based company, which focuses on Korean Americans, said the acquisition of Territorial Bancorp will allow it to expand its customer base.
The first bank failure of 2024 will result in the Lancaster, Pennsylvania-based Fulton nearly doubling deposits in Philadelphia, a market it has viewed as strategically important for several years.
The combination of the two regional banks is set to create a $64.5 billion-asset company with a 13-state footprint across parts of the Midwest, South and West.
Banks and other financial market participants have been keyed into the central bank's communications around monetary policy expectations. But in an unpredictable economy, the guidance doesn't always hit the mark.
Michigan State University Federal Credit Union is working with the relationship-based lending app Zirtue to offer members a tool for outlining lending agreements and repayment plans.
Isabel Casillas Guzman, administrator of the Small Business Administration, wants the agency to get involved in direct lending, a practice that was discontinued during the Clinton administration. Congress has not embraced the idea, to put it mildly.