In a shocking twist that could only be rivaled by a daytime soap opera, the US Treasury Department has decided to drop the cryptocurrency mixer Tornado Cash from its sanctions list. Yes, you heard that right! As of March 21, it’s like they’ve been given a golden ticket to the Willy Wonka factory of finance. 🍫
This delightful turn of events follows a January ruling by a US appeals court, which, in a fit of legal clarity, declared that the Treasury’s Office of Foreign Assets Control (OFAC) cannot sanction Tornado’s smart contracts. Why? Because they’re not the property of any foreign national. Apparently, smart contracts are like that one friend who never pays you back—impossible to pin down! 🤷♂️
According to the court, “Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the ‘property’ of a foreign national or entity.” So, in layman’s terms, OFAC might have overstepped its bounds, like a toddler at a buffet. 🍽️
In a statement that could only be described as a “whoopsie-daisy,” the Treasury announced that OFAC has removed several dozen smart contract addresses on the Ethereum blockchain from its sanctions list. It’s like spring cleaning, but for digital assets! 🧹
And here’s the kicker: Tornado’s native token, Tornado Cash (TORN), has skyrocketed by around 60% on this news. Talk about a comeback! According to CoinMarketCap, TORN now boasts a market capitalization of about $73 million and a full diluted value (FDV) of nearly $140 million. That’s a lot of zeros! 💰
For those keeping score, OFAC is the Treasury’s office responsible for administering economic and trade sanctions on states and foreign nationals. So, you know, just your average day at the office—if your office was a high-stakes game of Monopoly. 🎲
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2025-03-21 18:54