3 ms·

Everytime a major bank is caught doing something like that, UBS and Deutsche Bank come to mind, there is huge outcry about the lack of consequences. If a crypto

by hef19898 4y ago

Everytime a major bank is caught doing something like that, UBS and Deutsche Bank come to mind, there is huge outcry about the lack of consequences. If a crypto exchange get's caught doing it, and there are consequences, there is huge outcry (among certain people) because there are consequences. Added severity, in the case of tornado cash, was helping North Korea. So not just money laundering but also circumventing sanctions that are taken very seriously by every political power that actually matters. Heck, even the Chinese at least try make it look like they adhere to the North Korea sanctions.

ChrisLomont 4y ago
Deutsch Bank has been hit with $600M for laundering, $7.2B over mortgage assets, $2.5B for interest rate manipulation, among a lot of other fines. These are some pretty astounding sums.
phatfish 4y ago
It's plain old double standards, Tornado Cash is the "peoples" money laundering service, anyone can use it, so it could be of benefit to them at some point. Global banks that could facilitate the same thing would only consider doing it for the super-rich to hedge against the possibility of getting caught and fined. So are not open to the average person, hence people have no problem calling for them to be held to account. Both should get the same treatment. That goes doubly for the global banks that have historically caused far greater problems than TC.
- everfree 4y ago
  Banks are organizations made out of people who can be held responsible. Tornado Cash is a piece of software that is not run by any person. Banks can be fined and people can be imprisoned, but you can't fine or imprison software. The Treasury ban is a direct ban on software, which is a departure from precedent. That's what makes this legal case unique, and why it's not simply a double standard.

3 ms·

Everytime a major bank is caught doing something like that, UBS and Deutsche Bank come to mind, there is huge outcry about the lack of consequences. If a crypto

by hef19898 4y ago

ChrisLomont 4y ago
Deutsch Bank has been hit with $600M for laundering, $7.2B over mortgage assets, $2.5B for interest rate manipulation, among a lot of other fines. These are some pretty astounding sums.
phatfish 4y ago
It's plain old double standards, Tornado Cash is the "peoples" money laundering service, anyone can use it, so it could be of benefit to them at some point. Global banks that could facilitate the same thing would only consider doing it for the super-rich to hedge against the possibility of getting caught and fined. So are not open to the average person, hence people have no problem calling for them to be held to account. Both should get the same treatment. That goes doubly for the global banks that have historically caused far greater problems than TC.
- everfree 4y ago
  Banks are organizations made out of people who can be held responsible. Tornado Cash is a piece of software that is not run by any person. Banks can be fined and people can be imprisoned, but you can't fine or imprison software. The Treasury ban is a direct ban on software, which is a departure from precedent. That's what makes this legal case unique, and why it's not simply a double standard.