- 51% of Ethereum blocks were confirmed to be compliant with OFAC rules in October.
- The agency has already sanctioned Tornado Cash and a number of ETH addresses.
Members have been monitoring Ethereum’s progress toward meeting requirements put out by the Office of Foreign Assets Control (OFAC). Over 73% of all blocks on the Ethereum network were confirmed to be in conformity with OFAC regulations during the previous 24 hours.
After 51% of Ethereum blocks were confirmed to be compliant with OFAC rules in October 2022, it was reported on the growing censorship issues. However, as of November 3rd, mevWatch statistics showed that 73% of daily minting was comprised of OFAC-compliant blocks.
Economic and Trade Sanctions
To comply with OFAC regulations, certain MEV-Boost relays will restrict access to specific financial activities. Therefore, a non-censoring MEV-Boost relay must be adopted by the Ethereum network if the platform is to maintain its neutrality.
Ethereum validators may lessen their need to comply with OFAC. By configuring their MEV-Boost network to avoid using relays that filter transactions. Such as BloXroute Max Profit, BloxRoute Ethical, Manifold, and Relayooor.
When economic and trade sanctions are in place, the United States government agency responsible for enforcing them must ensure that they are in compliance with OFAC. The agency has already sanctioned Tornado Cash and a number of Ethereum addresses.
As of right now, 45 percent of all Ethereum blocks are in compliance with OFAC regulations. The next major update for the Ethereum network is scheduled for Shanghai, and it will bring with it a number of exciting new features, including the ability to withdraw staked Ether (sETH) and reduced gas prices. The Shandong testnet version was released to the public last month. As of right now, developers may begin to work on the implementations, which are anticipated to last through September 2023.
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