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0:00.0	Bayclist nation, DeFi is under attack.
0:04.9	On Monday, the Office of Foreign Asset Control, OFAC, banned tornado cash.
0:09.9	What does it mean to ban tornado cash?
0:12.1	Well, I'm glad you asked, because that's a really, really good question.
0:15.2	Taking OFAC at face value, it means that they've added tornado cash to its specifically designated
0:20.0	nationals list, a running tally of blacklisted people, entities, and cryptocurrency addresses.
0:25.2	As a result, all U.S. persons and entities are prohibited from interacting with tornado cash
0:30.4	or any Ethereum wallet tied to the protocol.
0:32.7	Those who do can go to jail.
0:35.1	You can go to jail for touching tornado cash now.
0:37.4	The reasoning behind this move, OFAC stated that tornado cash has been the go-to mixer
0:42.0	for cyber criminals looking to launder the proceeds of crime, as well as helping to enable hackers,
0:46.8	including those currently under U.S. sanctions to launder the proceeds of their cybercrimes
0:52.1	by covering up the origin and transfer of this illicit virtual currency, meaning ETH.
0:56.8	Since its creation back in 2019, tornado cash has reportedly laundered more than 7 billion
1:01.4	worth of virtual currencies.
1:03.0	Ryan, who's away on vacation, is calling this the opening shot of Big Brother's assault on crypto.
1:07.7	Collins Belton, on Twitter, who is a fantastic crypto lawyer, said, while I'm not surprised,
1:12.4	this is arguably the most significant legal action that has occurred in crypto,
1:16.4	and could have absolutely gargantuan ripple effects for everything from dev liability
1:20.6	to first amendment implications of code publication.
1:23.5	Jerry Brito of Coin Center said,
	...

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