As a seasoned crypto investor with over a decade of experience navigating the digital frontier, I must say this ruling by the Fifth Circuit Appeals Court is not just a win for Tornado Cash and its users, but a significant step towards ensuring financial freedom and decentralization in the blockchain space.
In a significant turn of events, an appellate court in the U.S. has overturned a previous ruling, stating that the Office of Foreign Assets Control (OFAC) overstepped its bounds by imposing sanctions on the unalterable smart contracts associated with Tornado Cash. This decision is a significant victory for the protocol and its users.
In a November 26th ruling, a panel of three judges from the Fifth Circuit Court of Appeals argued that although the Treasury Department has the authority to act on “property,” the smart contracts used by Tornado Cash do not qualify as property under the International Emergency Economic Powers Act (IEEPA), since they are inherently immutable and therefore cannot be controlled or owned.
The judges stated that Tornado Cash’s unchangeable software codes, which provide privacy, are not considered as the “property” of any foreign individual or organization. This means that these codes cannot be restricted under the International Emergency Economic Powers Act (IEEPA), and the Office of Foreign Assets Control (OFAC) exceeded its authority as defined by Congress in doing so.
In essence, Bill Hughes, a legal representative from Consensys, stated that these actions cannot be hindered based on federal law. Additionally, he emphasized that they cannot be prevented as a result of the Office of Foreign Assets Control (OFAC) exercising its own discretion.
The appeals court instructed the Texas district court to honor a request for a partial summary judgment made by the appellant group, who are primarily represented by Joseph Van Loon.
According to Paul Grewal, Coinbase’s top lawyer, these smart contracts that were previously on the sanctions list are now to be removed. This means that US citizens can once again utilize this privacy-focused protocol. (Nov. 26 X post explanation)
This is a developing story, and further information will be added as it becomes available.
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2024-11-27 03:05