Tornado Cash

Crypto scored a victory against traditionalists (anti-crypto). The crypto community scored a massive win in a case with the Office of Foreign Assets Control (OFAC) over <a href="https://cryptotale.org/tornado-cash-experiences-1-9-billion-surge-in-deposits-amid-sanctions/" rel="noopener noreferrer nofollow">Tornado Cash</a> sanctions. This victory not only led to an increase in prices for the Tornado Cash (TORN) token, which had been down since the sanctions, but also indicates the growing crypto adoption and its ability to challenge regulatory actions.
The Fifth Circuit Appeals Court led by a three-person judge panel on Tuesday ruled that the OFAC exceeded its authority by sanctioning Tornado Cash’s Immutable smart contracts. Although under the International Emergency Economic Powers Act (IEEPA), OFAC can take action against property-related issues involving national security, economic threats, and more. However, the court stated that immutable smart contracts won’t be classified as “property” because no entity can modify or control them. The judges wrote,
“We hold that Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the “property” of a foreign national or entity, meaning (1) they cannot be blocked under IEEPA, and (2) OFAC overstepped its congressionally defined authority”
<a href="https://cryptotale.org/torn-price-skyrockets-as-court-overturns-ofac-sanctions/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>
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TORN Price Skyrockets as Court Overturns OFAC Sanctions

CryptoTale

Other articles published on Nov 27, 2024

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