Just In: US Court Rules Tornado Cash Smart Contracts Not Property, Lifts Ban

Quick Summary:

A U.S.appeals court has ruled that the Treasury Department’s Office of Foreign Assets Control (OFAC) exceeded its authority by sanctioning Tornado Cash’s immutable smart contracts.

This decision overturns earlier actions taken by OFAC and removes Tornado Cash’s smart contracts from the sanctions list, allowing U.S.citizens to resume their use of the protocol.

The court directed a Texas district court to grant a motion for partial summary judgment filed by the plaintiffs, led by Joseph Van Loon, challenging the sanctions.

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Article Details

Author / Journalist: Kelvin Munene Murithi

Category: Crypto

Markets: India

Topics: Tornado cash 24/7 Cryptocurrency News Regulation News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-27 @ 00:59:50 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 219 words

Reading Time: 2 minutes read

Sentences: 19 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 23899637

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About CoinGape

Main Topics: Crypto

Official Website: coingape.com

Update Frequency: 27 posts per day

Year Established: 2017

Headquarters: India

News Last Updated: 12 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +8:00

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Publisher ID: #59

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