📣 Tornado Cash Boost: TORN Soars 800% After Sanctions Repealed
posted 2 hr ago
The U.S. Court of Appeals has ruled the sanctions imposed by the Office of Foreign Assets Control (OFAC) on Tornado Cash’s cryptocurrency mixer smart contracts to be unlawful. The court reasoned that code does not constitute property, as it belongs neither to an individual nor a company, and therefore does not fall under the scope of the International Emergency Economic Powers Act (IEEPA).
Federal regulations permit the U.S. Treasury to impose sanctions solely on property, prompting the court to annul OFAC’s measures and deem them an overreach. Nevertheless, Consensys legal expert Bill Hughes highlighted that the ruling does not eliminate all legal uncertainties regarding Tornado Cash.
This does NOT mean that the rest of Tornado Cash is out of bounds for Treasury/OFAC too. The issue was about smart contracts with no admin key,Bill Hughes, a lawyer at Consensys, clarified.
Paul Grewal, Chief Legal Officer at Coinbase, asserted that the court’s decision should result in the immediate lifting of sanctions on Tornado Cash smart contracts, granting unrestricted access to all users, including Americans. Following this development, the value of Tornado Cash’s token (TORN) soared by over 800%, climbing to $34.
The sanctions, first imposed in summer 2022, stemmed from accusations by the U.S. Treasury that Tornado Cash had facilitated the laundering of over $7 billion in cryptocurrency. Some users responded by filing a lawsuit, alleging an overreach of authority. Two years on, and after an initial ruling, the appeals court has ruled in favor of the plaintiffs.
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