Tornado Cash

Read

Tornado

Tornado Cash’s TORN token jumped 124% on Jan. 22 as speculators reacted to news that a court ruling lifted U.S. sanctions on the platform’s smart contracts.
Tornado Cash’s (<a href="https://crypto.news/price/tornado-cash/" target="_blank" rel="noopener noreferrer nofollow">TORN</a>) token surged 124% on Jan. 22 following a Jan. 21 court ruling that seemingly <a href="https://storage.courtlistener.com/recap/gov.uscourts.txwd.1211705/gov.uscourts.txwd.1211705.99.0.pdf" target="_blank" rel="noopener noreferrer nofollow">overturned</a> U.S. sanctions, ruling the platform’s smart contracts are not “property” under U.S. law.
As crypto.news <a href="https://crypto.news/tornado-cash-smart-contracts-cleared-of-ofac-sanctions-in-latest-ruling/" target="_blank" rel="noopener noreferrer nofollow">reported</a> in November 2024, the case involved six users of Tornado Cash who disagreed with the sanctions. The Office of Foreign Assets Control had claimed the platform helped illegal activities, but the court said Tornado Cash’s smart contracts can’t be owned or controlled, so they’re not affected by the sanctions.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/over-half-a-billion-in-crypto-loot-laundered-via-tornado-cash-in-2024-report/"> Over half a billion in crypto loot laundered via Tornado Cash in 2024: report </a>
“The immutable smart contracts at issue in this appeal are not property because they are not capable of being owned,” wrote Judge Don Willett. The court pointed out that these contracts run on their own once created and can’t be changed or restricted, even by the people who made them.
Although the court recognized concerns about illegal uses of Tornado Cash, it said it couldn’t change the law, explaining, “we must uphold the statutory bargain struck (or mis-struck) by Congress, not tinker with it.” Amid the news, Tornado Cash’s native token, TORN, jumped 124% to reach $17.67. As of press time, however, there’s no public indication that OFAC has lifted the sanctions.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/tornado-cash-ruling-lays-dangerous-precedent-crypto-lawyers/"> Tornado Cash ruling lays dangerous precedent: crypto lawyers </a>

Tornado Cash’s TORN price surges 120% amid news of sanction relief

crypto.news

Other articles published on Jan 22, 2025

Join our free newsletter for daily crypto updates!