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Congratulations to the UK Parliament, and particularly to Lord Holmes, the Law Commission and Sarah Green for this great achievement! Today, with the Electronic Trade Documents Act receiving royal assent, the UK has made historic steps towards embracing #blockchaintechnology and thus coming closer to fulfilling its ambition to become an international, technological legal hub. Microsoft Word - Coin Center - Draft Amicus Brief(1537052553.5).docx

All those who care about the future of #Web3, about realising the full potential of building a decentralised Internet of Value, should stand up and pay attention. TC sanctioning should be a wake-up call and should remind us of the #Web's early history when fights for privacy online lead to innovations that made email possible.

Recognise the difference between centralised entities and decentralised open source protocols and governance structures based on algorithmic finance and code-based rule execution.ġ1.

Yes, regulate users, operators, actors, but not open source protocol and autonomous code.ĩ.ĝistinguish between those who purely develop the code underpinning a DeFi application from those who control, operate, and profit from it.ġ0. For those unfortunate enough to live under an authoritarian regime, privacy of transactions can become a matter of life and death.Ĩ. Privacy may serve as an individual protection against excessive centralisation of state power and may build the resilience of a country’s democratic freedoms. #Privacy of on-chain transactions is needed, it is an important individual right to be exercised responsibly. We do need to protect public blockchain infrastructure from state-sponsored cyber attacks, but not at the expense of individual freedoms and of sacrificing the advancement of Internet technology.ħ. A balanced regulatory approach is needed when it comes to decentralised infrastructure. Regulatory actions against a specific smart contract address are at best a temporary solution. Redeployments with identical code will force frequent updates of a sanctions list and lead to a game of “whack-a-mole”.Ħ. The code is public, it can be read directly from the blockchain or its GitHub repository, making it easy for anyone to copy and redeploy a new instance of any protocol at a different address.

Open source code is not anyone’s “property”, copies of TC code reside on computers around the world. Is open source code “property” subject to the sanctions regime, and if so, whose “property” is it?ĥ. But TC decentralised smart contracts are immutable by design, not controlled by anyone, not capable of change.Ĥ. Sanctions are meant to elicit change of behaviour from the sanctioned party. Sanctioning #opensourcesoftware instead of a natural person/entity (which is unprecedented) raises the question – is autonomous #smartcontract code a legal, sanctionable entity?Ģ.ěy treating open source protocol as a “person” OFAC exceeds its statutory authority and sets in motion a ban not just on a specific D’App, but potentially on a class of developing technology, #decentralised technology.ģ.

The sanctioning of TC software protocol has brought into sharp focus important issues on regulation of public blockchain infrastructure and has set a dangerous legal precedent:ġ. Excellent submission by the Blockchain Association and DeFi Education Fund in support of Coin Center 's lawsuit against OFAC’s sanctioning of Tornado Cash

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