In a twist that could only be penned by the hand of fate—or perhaps a particularly mischievous cat— a Texas District Court has decided to lift the sanctions against Tornado Cash, effectively tossing the Treasury’s Office of Foreign Assets Control (OFAC) into a veritable tornado of confusion.
And lo! In the wake of this judicial tempest, TORN, the token that fuels the Tornado Cash ecosystem, has soared like a kite in a hurricane, reaching dizzying heights of 140%. Who knew that a little legal drama could send crypto enthusiasts into a frenzy? 🎉
Court Reverses Sanctions Against Tornado Cash
In a ruling that could make even the most stoic of judges chuckle, the court has declared that the US Treasury’s sanctions against Tornado Cash—a crypto-mixing service that allows users to cloak their transactions in a shroud of anonymity—are as effective as a screen door on a submarine.
The court, in its infinite wisdom, has concluded that OFAC’s authority to sanction “property” cannot extend to the realm of autonomous, immutable code that no one can control. Yes, you heard that right! The court has determined that these smart contracts, those clever little lines of code, are not “property” because they are as ungraspable as a wisp of smoke. 🌀
These contracts, deployed on the Ethereum blockchain, are like the proverbial genie in a bottle—once released, they cannot be contained. The court found that such contracts do not meet the legal definition of “property” because they cannot be owned, controlled, or restricted. Talk about a legal loophole big enough to drive a truck through!
This ruling echoes a late November decision by the US appellate court, which also decided that Tornado Cash’s smart contracts are not property. As reported by BeInCrypto, the court has firmly established that OFAC has overstepped its bounds. Who knew that the law could be so entertaining?
It was emphasized that the immutable smart contracts underpinning Tornado Cash cannot be considered property under the International Emergency Economic Powers Act (IEEPA). A mouthful, isn’t it? But it seems the court has a flair for the dramatic.
OFAC had sanctioned Tornado Cash in 2022, claiming it was a favorite tool for nefarious actors, including North Korea’s infamous Lazarus Group, to launder their ill-gotten gains. This decision raised eyebrows and questions about privacy, regulation, and the future of decentralized finance. Who knew crypto could be so scandalous?
Despite this latest twist in the tale, the court’s decision does not grant Tornado Cash immunity from other legal challenges, particularly those concerning its founders. Tornado Cash developer Alexey Pertsev recently took to X (Twitter) to express his gratitude to crypto executives for their support in his ongoing legal saga. Among them was Ethereum co-founder Vitalik Buterin, who generously donated 30 ETH to Pertsev’s legal defense fund. A true friend in need! 💰
“I would like to thank everyone, especially Vitalik Buterin and Stefan George, for your incredible generosity to my defense. Your support inspires me to move forward, and I’m forever grateful. While the legal battle is far from over, I’m hopeful that 2025 brings positive developments,” Pertsev wrote, likely with a hint of optimism and a dash of sarcasm.
Meanwhile, this development has turned heads, especially following the recent presidential pardon of Silk Road’s Ross Ulbricht and the calls for clemency for “Bitcoin Jesus,” Roger Ver. Crypto enthusiasts are now rallying for amnesty for Roman Storm, one of Tornado Cash’s executives. Because why not? 🎊
“Now pardon Roman Storm and all the other unfairly persecuted software engineers who are helping shape this country into what we need it to be,” a crypto executive proclaimed, likely while waving a flag of freedom.
As for Tornado Cash’s token, TORN, it soared by 140% on this news. However, as of this very moment, it was trading for $18.50, up by around 122% after a bit of a retracement. Because in the world of crypto, what goes up must come down—eventually! 😅
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2025-01-22 13:24