The International Academy of Financial Crime Litigators Publishes Working Paper by Cravath Lawyers on Tornado Cash Indictment

On September 1, 2023, The International Academy of Financial Crime Litigators published a working paper written by Cravath partners Benjamin Gruenstein and Evan Norris and associate Daniel M. Barabander entitled “Secret Notes And Anonymous Coins: Examining FinCEN’s 2019 Guidance On Money Transmitters In The Context Of The Tornado Cash Indictment.” The paper examines the recent indictment in the Southern District of New York against the founders of Tornado Cash, and specifically the charge that they conspired to operate a money transmitting business without registering with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). The paper reviews FinCEN’s 2019 guidance on what it means to be a money transmitter in the Web3 context.

Please click here to read the full paper.