The cryptocurrency space has long hoped to emulate the business model of Uber: ignore the regulations until you can grow too big to regulate, a technique called “regulatory escape velocity.” With Uber, the primary tool was simply violating taxi regulations among thousands of independent municipalities and daring the local regulators to do something. With cryptocurrency, the common excuse is to just “write code” that ignores centuries of financial regulation and then let it loose upon the world.
The cryptocurrency ecology has now run into a regulator that thinks nothing is too big to regulate: The Office of Foreign Asset Control (OFAC). On Aug. 8, OFAC announced the addition of virtual currency mixer “Tornado Cash” and all of its wallets to the Specially Designated Nationals and Blocked Persons Lis
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