Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Required: These cookies (e.g. for storing your IP address) cannot be rejected as they are necessary to ensure the operation of the website. These data are not evaluated further.Analytics: If you consent to this category, data such as IP address, location, device information, browser version and site visitor behaviour will be collected. These data are evaluated for the SNB’s internal purposes and are kept for two years.Third-party: If you consent to this category, third-party services (used, for example, to add social multimedia content to the SNB’s website) will be activated which collect personal data, process these data, disclose them abroad – worldwide – and place cookies. The relevant data protection regulations are linked in the ‘Privacy statement for the website of the Swiss

Blockchain-based systems are run by a decentralized network of participants and are designed to be censorship-resistant. We use sanctions imposed by the U.S. Department of Treasury on Tornado Cash (TC), a smart contract protocol, to study the impact and effectiveness of regulation in decentralized systems. We document an immediate and lasting impact on TC following the sanction announcement, measured by market reaction, transaction volume, and diversity of users. Still, net flows into TC contracts recover to and surpass pre-announcement levels for most pools, supporting viability of TC. Evidence on cooperation at the settlement layer is mixed: the aggregate share of non-cooperative blocks increases over time, but a shrinking number of actors process Tornado Cash transactions,