Last Updated on August 23, 2022 by Bitfinsider

According to Hoskinson, the US government’s prohibition of the crypto mixer sets a dangerous precedent in the industry. Cardano CEO addressed the community and other viewers in a video posted to his official YouTube channel. Hoskinson discusses the recent sanction imposed on Tornado Cash in the video. The US Treasury placed Tornado Cash on a blacklist of entities earlier this month, making it illegal for Americans to send or receive funds using the mixer tool. The platform is accused of assisting money launderers and hackers in siphoning off billions of dollars in digital assets.

Hoskinson has always been vocal about the importance of self-regulation in the crypto industry. He has even spoken at length with Congress about the issue. In the case of the Tornado Cash sanction, Hoskinson believes the government is overreaching because the developer never engaged in any illegal activities or advised others on how to use it. He claims that the precedent set by this motion indicates that software developers will be held accountable for how their work is interpreted and used, regardless of how much control these developers have over how their projects are implemented.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.