Circle Internet Financial is actively engaging in long-term policy, advocacy, education, and engagement efforts to support privacy in blockchain finance, especially in light of recent OFAC sanctions against the Tornado Cash mixing service. These sanctions have intensified the debate around the use of open software protocols, privacy rights, and compliance with financial crime regulations. Circle argues that the sanctioning of protocols represents a new level of policy challenge, comparable to ongoing discussions about self-hosted wallets and the regulation of public blockchains. The company emphasizes the need for balanced policy action that supports financial innovation, inclusion, and integrity without compromising privacy as a democratic principle. They highlight the vital role of open software in advancing internet-scale financial innovation and note the importance of regulating bad actors without stifling technological progress. Circle is committed to supporting industry-wide efforts to modernize financial crime compliance frameworks, advocate for privacy-preserving technologies, and ensure the protection of open-source software, while also aligning with global regulatory developments to safeguard privacy in digital finance.