“I'm totally opposed to OFAC looking at this,” said Emmer. “My problem is that this software is controlled by code, not by any person or entity. So if you think about it, the sanctioning of Tornado Cash is an unprecedented shift in the Office of Foreign Asset Control in their sanctioning policy.”

“Their primary priority is protecting the United States national security,” he added. “So I think our role – Congress – can be most effective in inquiring with OFAC to find out if they believe the sanction addresses are controlled by people, not code, and what this means for privacy rights and innovation.”

The Tornado Cash ban is adding to an already heated debate in Washington over who should regulate crypto and to what extent. Joining "First Mover" to share his thoughts is Congressman Rom Emmer of Minnesota. Also joining, Omid Malekan, Columbia Business School Adjunct Professor and Nauman Sheikh, Wave Financial Managing Director.