Ethereum Moves Closer To Total Censorship Due To OFAC Compliance

Adding to the community’s rising censorship worries, the minting of OFAC-compliant Ethereum blocks on a daily basis has increased to seventy three percent.

Keeping in mind that protocol-level censorship is an impediment to the virtual currency ecosystem’s objective of highly open and accessible finance, the community has been keeping track of Ethereum’s rising compliance with standards laid down by the Office of Foreign Assets Control.

Last month, a couple of virtual currency media outlets reported on the rising censorship concerns after fifty one percent of Ethereum blocks were found compliant with Office of Foreign Assets Control standards. Nonetheless, data from mevWatch confirmed that the minting of Office of Foreign Assets Control-compliant blocks on a daily basis has increased to seventy three percent as of 3rd November.

Some MEV-Boost relays that are regulated under Office of Foreign Assets Control will censor specific transactions. As a result, to warrant the neutrality of Ethereum, the network needs to espouse a non-censoring MEV-Boost relay.

Ethereum validators can lessen OFAC compliance by dropping relays in their MEV-Boost configuration that censor transactions. These primarily include BloxRoute Ethical, BloXroute Max Profit, Relayooor, and Manifold.

The mainstream espousal of BTC and ETH accelerated after UnionBank, one of the biggest universal banks in the Philippines, debuted digital asset trading in partnership with the Swiss virtual asset firm Metaco.