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TORN token soars 400% after court lifts sanctions on Tornado Cash
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A federal appeals court in the United States ruled, last Tuesday (26), against sanctions imposed by the Treasury Department on Tornado Cash cryptocurrency mixerin a trial held in New Orleans.
As a result of the decision, TORN token price skyrocketed over 400% in 24 hours. Furthermore, the decision promises to be positive for cryptocurrencies and anonymous wallets, especially projects like Secret, Best Wallet Token and 1inch.
As Bloomberg reported, the three-judge panel concluded that the Treasury exceeded its legal authority in sanctioning Tornado Cashrather than specific individuals or entities. The decision highlighted that the Tornado Cash code cannot be a “property” subject to sanctions. The position received support from cryptocurrency exchange Coinbase, which defended the open nature of the technology.
Judge Don Willett acknowledged the U.S. government’s legitimate concern about the use of Tornado Cash by foreign actors to launder money. However, he pointed out that federal legislation only authorizes actions against properties.
Positive signal for cryptocurrencies and anonymous wallets
Willett added that the immutable smart contracts of Tornado Cash do not belong to any foreign entity. Therefore, it is not possible to include the code in the sanctions list.
The Office of Foreign Assets Control (OFAC), an agency of the Treasury Department, sanctioned Tornado Cash in 2022. At the time, OFAC alleged that the platform helped launder more than $7 billion in cryptocurrenciesincluding US$455 million associated with North Korean hackers.
THE cryptocurrency community celebrated the decision. Hayden Adams, for example, founder of Uniswap, commented that the cryptocurrency industry has recorded significant victories in federal courts.
Paul Grewal, Coinbase’s legal director, called the verdict a historic victory for privacy and freedom, and stated that Tornado Cash smart contracts should be removed from the sanctions list.
The decision also had immediate repercussions on the market. The token TORNTornado Cash native, soared more than 850%leaving $3.60 to $35. Subsequently, the token’s price retreated to around $19still accumulating an increase of more than 400% in 24 hours.
The decision in favor of Tornado Cash could benefit cryptocurrencies as a whole, as well as anonymous wallets, especially Secret, Best Wallet Token and 1inch.
TORN token soars 400% after court lifts sanctions on Tornado Cash
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TORN token soars 400% after court lifts sanctions on Tornado Cash
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TORN token soars 400% after court lifts sanctions on Tornado Cash
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TORN token soars 400% after court lifts sanctions on Tornado Cash
