Crypto evangelists have touted decentralised finance (DeFi) as a way to replace government and regulators with privacy and financial freedom. However, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently sanctioned digital currency mixer Tornado Cash, which has been used to launder billions worth of virtual currency.
In a Financial Times FT Crypofinance article, Paige Berges, anti-corruption and international risk group counsel, explains that the OFAC’s regulatory behavior is not new and will remain as long as the US financial system continues to have the leverage and influence that it does.
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