Court Overturns Tornado Cash Sanctions, Boosting Crypto
TL;DR Summary
The Fifth Circuit Court of Appeals ruled that the US Treasury's OFAC overstepped its authority by sanctioning Tornado Cash's immutable smart contracts, declaring them not "property" under federal law. This decision overturns OFAC's sanctions, marking a significant win for the crypto industry by emphasizing the autonomy and non-ownership of smart contracts. The ruling has been celebrated by crypto advocates as a victory for privacy and decentralization, with potential implications for future regulatory actions. Tornado Cash's token price surged over 400% following the news.
- Tornado Cash Scores 'Stunning Court Victory' For Crypto Bitcoinist
- Tornado Cash Sanctions Found Illegal, in Legal Win for Crypto The Wall Street Journal
- U.S. Treasury overstepped authority in Tornado Cash sanctions, court rules: CNBC Crypto World CNBC
- Tornado Cash Ruling a Boon For Ethereum and DeFi Says 10X Research Decrypt
- Court overturns US sanctions against cryptocurrency mixer Tornado Cash Reuters
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