Court Victory for Cryptocurrency: U.S. Appeals Court Rules Against Treasury Sanctions on Tornado Cash
by aria-crypto.com
November 29, 2024 at 02:38
Court Victory for Cryptocurrency: U.S. Appeals Court Rules Against Treasury Sanctions on Tornado Cash
In a landmark decision, the Fifth Circuit Court has ruled that the U.S. Treasury's sanctions on Tornado Cash, a cryptocurrency mixer, were unlawful. This ruling is celebrated as a major victory for crypto privacy and liberty by Paul Grewal, Coinbase's chief legal officer. Introduced in 2019, Tornado Cash was accused by the Treasury of laundering over $7 billion, including funds linked to North Korean hackers. However, the court found that the immutable nature of Tornado Cash's smart contracts meant they did not qualify as 'property' and thus could not be sanctioned. This decision overturns previous restrictions, allowing U.S. persons to again utilize this protocol to safeguard their privacy. The court’s stance emphasizes that actions against open-source, immutable technology need to be carefully considered, highlighting the boundaries of governmental reach in regulating cryptocurrency technologies. Coinbase played a significant role in challenging these sanctions, advocating for regulations that protect privacy without stifling innovation in the crypto sector. This outcome not only supports the crypto community but also reinforces the foundational principles for a secure and open crypto ecosystem.
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