Peter Van Valkenburgh — Could Monero be Sanctioned like Tornado Cash EPI 231
Channel: Monero Talk
Date: 28/08/2022

TODAY'S 🎙SHOW: Douglas Tuman interviews Peter Van Valkenburgh who works as research director at CoinCenter. Peter is one of the most well spoken and impactful advocates for creating a positive cryptocurrency regulation landscape and makes some of the strongest legal arguments for why the gov banning of true digital cash-like cryptocurrencies would be unconstitutional.

The two discuss the history of legal issues around crypto, OFAC and the current state of AML regulations, the implications of the Tornado Cash case for the Monero ecosystem, the nuances of sanctioning decentralized exchanges, mixers and smart contracts, Monero vs. Zcash and Bitcoin from a regulatory point of view, and whether or not free speech laws are applicable for computer code and much more! Please note that in the discussion of zcashes memo field being used to comply with travel rule regulations Doug seemed to suggest this is not possible with Monero. This is not completely accurate. Monero still does have tx_extra feature which could effectively be used as memo field, but the monero community at large agrees tx extra should not be used this way since it would cause chain bloat, could affect transaction distinguishability, and is unnecessary due to the benefits of off-chain solutions. Consensus is building around completely deprecating the tx feature and the point Doug was attempting to make is zcash promotes itself as being regulation friendly whereas all of Monero’s design choices are towards being more “cash-like”.

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⏱Timestamps: 
00:00:00 Intro
00:03:25 Peter van Valkenburgh's brief life story
00:05:00 Peter's first exposure to cryptocurrency
00:07:15 Peter's first reaction to BTC
00:10:10 Peter's take on digital money from a legal standpoint
00:12:30 Jerry Brito's "Bitcoin: A Primer for Policymakers"
00:15:50 The OFAC's law and rules about sanctions 
00:19:20 Smart contracts on the OFAC list: Why sanction a robot?
00:24:40 Internal processes OFAC is supposed to do: Collateral Impact Assessment
00:26:45 The Financial Crimes Enforcement Network (FinCEN) updated 2019 guidance
00:33:05 Would OFAC start sanctioning Bitcoin? 
00:35:00 Would the Treasury bureaus be able to pragmatically add a whole protocol to the SDN (Specially Designated Nationals and Blocked Persons) list?
00:42:50 Coin Center to challenge the Tornado Cash ban in court
00:50:25 Due Process and National Security ballance
00:56:20 Money and Free Speach
01:00:20 Distinctions between Zcash and Monero
01:14:25 Crackdown in regulations on mining
01:18:16 Outro

🔗Links:
Twitter: https://twitter.com/valkenburgh
Twitter: https://twitter.com/CoinCenter
Website: https://www.coincenter.org/

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