Investors Sue Treasury Department for Blacklisting Crypto Platform

A group of cryptocurrency investors sued the Treasury Department on Thursday to block government sanctions that bar Americans from Tornado Cash, a popular crypto platform that criminals have used to launder virtual currencies. The lawsuit, filed in federal court in the Western District of Texas, is funded by the cryptocurrency exchange Coinbase, which has clashed with the federal government over its increasingly stringent regulation of digital assets. The suit argues that the Treasury Department overstepped its legal authority by banning Tornado Cash. The Treasury Department did not immediately respond to a request for comment. The department announced last month that it was placing Tornado Cash on a blacklist to prevent hacking, money-laundering and other crypto crimes. Industry groups reacted with fury, arguing that the crackdown would cut off access to a critical tool for preserving privacy.

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