US Court Lifts Sanctions on Tornado Cash Smart Contracts

Quick Summary:

Fifth Circuit Court of Appeals has ruled that the Treasury Department’s Office of Foreign Assets Control (OFAC) overstepped its authority in sanctioning immutable smart contracts of Tornado Cash.

Over 1,000 participants permanently locked Tornado Cash’s code during a “trusted setup ceremony,” making these contracts unchangeable.

This ruling reverses a lower court decision and brings clarity to blockchain developers and privacy advocates.

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Article Details

Author / Journalist: Sindhu

Category: Crypto

Markets: United Arab EmiratesNorth Korea

Topics: U.S Tornado Cash Latest News OFAC

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-27 @ 05:55:59 (15 hours ago)

News Timezone: GMT +0:00

News Source URL: thenewscrypto.com

Language: English

Article Length: 383 words

Reading Time: 3 minutes read

Sentences: 30 lines

Sentence Length: 13 words per sentence (average)

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

Copyright Owner: © TheNewsCrypto

News ID: 23904074

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Main Topics: Crypto

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Update Frequency: 8 posts per day

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News Last Updated: 11 hours ago

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