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Why this will cause chaos is that Chainalysis and similar tools for sanctions screening are all / nothing - if the rule was that "anyone who has touched Tornado
by seibelj 4y ago
Why this will cause chaos is that Chainalysis and similar tools for sanctions screening are all / nothing - if the rule was that "anyone who has touched Tornado assets should be banned", then sending small amounts to everyone means that the industry has to ban everyone.
The point is to show the difficulty of using such a blunt tool. By the letter of the law, everyone based in the US is a criminal if they receive Tornado funds, and legally must contact the OFAC office.
- deleted 4y ago[deleted]
- salawat 4y agoYou aren't a criminal until a prosecutor presses criminal charges, and you are convicted by a jury of your peers. Yes, in the end you will have to talk to OFAC, and work with them to sort things out. Nothing says it can't all be cleaned up by sending to a burn address because you had funds pushed.
- seibelj 4y agoI’m sure the OFAC government office is setup for mass handling of small amounts of money requests from a widespread group of normal people
- salawat 4y agoActually, the specific architecture delegates responsibility out to regulated service providers who then set up their infrastructure accordingly. If there are no OFAC compliant service providers in the space, then hoo, boy, are those SP's in for a world of hurt. Worst case scenario, expect allocation of budget to flesh out requisite infrastrure Congress-soonish, or an RFP for a Call Center/software development contract. There is a blueprint/SOP for this sort of business, believe it or not. It has been built before. Alarmingly, the "becoming exceedingly efficient at it" never seems to materialize though.
- yieldcrv 4y agoha, more like until Coinbase and all the exchanges and your bank decides to treat you like a criminal