US Treasury announcement: ECC’s engagement on coverage for financial freedom

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Right this moment it was introduced the US Treasury imposed sanctions on digital forex mixer Twister Money, including it to the OFAC (Workplace of Overseas Belongings Management) SDN record, the record of Specifically Designated Nationals with whom Individuals and American companies usually are not allowed to transact.

We agree with our companions at Coin Middle and Blockchain Affiliation that there are issues about how at present’s announcement impacts the civil liberties of United States residents. We’re following developments intently and stay up for persevering with our ongoing and productive conversations with regulators and policymakers on behalf of Zcash.

Our mission at Electrical Coin Co. (ECC) is to empower financial freedom, and to that finish, we contribute to and assist a good, open forex to guard the liberty, dignity, consent, and safety of individuals everywhere in the world.

Wise coverage steerage and training are on the core of our work with socio-political stakeholders, and ECC advocates that privateness is crucial for private, enterprise, and nationwide safety. Our companion community in these endeavors contains assume tanks, tutorial analysis facilities, and nonprofits that present thought management and advocacy for points that have an effect on Zcash customers.

Zcash is compliant and absolutely suitable with international AML/CFT requirements, together with all remaining FATF suggestions, the European Union’s Fifth Anti-Cash Laundering Directive, and the US’ Anti-Cash Laundering laws. It’s accredited by the New York State Division of Monetary Companies (NYDFS), a key requirement for itemizing on main exchanges, like Gemini and Coinbase.

In 2020, ECC commissioned the RAND Company to conduct analysis into Zcash utilization for illicit functions. The analysis revealed no proof of any substantive use of Zcash for cash laundering, terrorism financing or commerce in illicit items and providers. The report additionally discovered, “the governance of Zcash and its branding as compliant with the related AML/CFT laws could make it much less inclined to exploitation for illicit or felony functions.”

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