Coinbase is bankrolling a lawsuit against the Treasury Department over its decision to sanction a program that allowed North Korean hackers and other illicit actors to launder billions of dollars’ worth of digital tokens.
It is a potentially risky move that thrusts Coinbase — a publicly traded company that has seen its stock drop by 73 percent this year amid a broader downturn in the crypto market — into a fraught national security debate. The U.S. government has said stolen crypto is a primary source of money for North Korea’s nuclear program.
last month as an unprecedented assault on computer code and a potential violation of the Constitution’s free speech protections. At least one group, the crypto think tank Coin Center, threatened legal action.But Coinbase is the first to follow through, sponsoring a court challenge that six plaintiffs filed Thursday in federal court in Waco, Texas.
The suit argues that Treasury overstepped its legal authority by sanctioning software, rather than a person or an entity. And it claims the department infringed on the plaintiffs’ First Amendment rights by barring them from using a tool that enabled them to exercise their free speech.Grewal said Coinbase identified the plaintiffs by surveying its own workforce in the wake of the sanctions to find out whether Treasury’s move affected them and people they know.
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