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In this episode of The Legit Ledger, Sheppard Mullin attorneys Chris Bosch and Zack Golda join host Yasamin Parsafar to discuss the Tornado Cash lawsuit, which claims OFAC overstepped its authority by prohibiting US citizens from interacting with the crypto mixer.
What we discuss in this episode:
- Can you give a high level explanation of what Tornado Cash is?
- What does it mean for a device to be on OFAC’s SDN list?
- Why did OFAC add Tornado Cash to the SDN list?
- Are you aware of other instances where a technology was added to the SDN list?
- Who are the plaintiffs in this case? What claims do they make in general?
- It appears OFAC published new FAQs specifically in response to the Tornado Cash lawsuit. What can you tell us about these FAQs?
- Can you explain how technology like Tornado Cash can be protected under the first amendment?
- The OFAC position appears to be that it regulates conduct, not speech. How would this argument affect the First Amendment issue?
- Are There Any First Amendment Implications Related to Dusting Transactions?
About Yasamin Parsafar
Yasamin Parsafar is a partner with the Intellectual Property Practice Group in Sheppard Mullin’s San Francisco office, where she serves as co-leader of the firm’s Blockchain & Fintech team. Her practice focuses on protecting clients’ intellectual property rights through counsel, prosecution, enforcement and litigation. Yasamin leverages his legal experience to strengthen and protect clients’ intellectual property rights, manage risks and position businesses for success in the event of a dispute. She frequently advises and protects brands venturing into the web3 on various issues related to non-fungible tokens, metaverses, games, online marketplaces and other platforms.
About Christopher Bosch
As an associate in the Governmental Practice Group in Sheppard Mullin’s New York office, Christopher Bosch focuses primarily on securities regulation, compliance and litigation, as well as internal investigations and white-collar defense. He frequently represents banks, broker-dealers, investment advisors, boards of directors, corporate executives, financial advisors and other securities professionals in connection with internal investigations and requests by the US Attorney’s Offices for the Southern District of New York and Northern District of California, SEC, CFTC, FINRA, IRS , FRB, NY Department of Financial Services.
Christopher advises financial institutions on compliance with privacy and cybersecurity legal mandates, and represented a blockchain investor in connection with shareholder derivatives and class actions alleging violations of securities laws. He also advises firms on digital token issuance and regulatory compliance, and publishes regularly on regulatory developments in the cyber security, blockchain and cryptocurrency areas.
About Zack Golda
Zack Golda is an associate in Sheppard Mullins’ Business Trial Practice Group in the Orange County, California office, where he focuses primarily on general business litigation, including regulatory challenges, breach of contract, breach of business, blockchain, sports and other high-stakes litigation. matters. As a member of the firm’s Blockchain Industry Group, Zack has litigated cases involving blockchain, privacy and regulatory issues. He has also authored several articles on regulatory advancements in the cryptocurrency space, covering topics such as decentralized autonomous organizations (DAOs), and SEC and CFTC regulation of the blockchain industry.
Zack is also a member of the California Regulatory Practice Group, where he advises clients on communicating with regulators, analyzing and responding to the agency’s proposed rulemakings and, where necessary, litigating constitutional, statutory and procedural challenges to newly enacted regulations.
