As a seasoned crypto investor with over a decade of experience in this dynamic and rapidly evolving industry, I find myself deeply enthralled by the recent court ruling regarding Tornado Cash. Having witnessed numerous legal battles and regulatory challenges, I can’t help but marvel at the resilience and innovative spirit that this community continues to demonstrate.
David Schwartz, Ripple‘s Chief Technology Officer, took to Twitter to express his thoughts on the recent legal victory achieved by Tornado Cash against the U.S. Treasury Department in court. Notably, he addressed the US Treasury’s assertion that smart contracts should be considered a service in this particular case.
In a recent decision, the U.S. Court of Appeals for the Fifth Circuit has supported the arguments of the appellants, stating that smart contract protocols will not face penalties or sanctions.
US Treasury sanctions to be lifted from Tornado Cash
The crackdown on the cryptocurrency tumbling service Tornado Cash began in 2022, with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) taking action due to its repeated association with money laundering activities, particularly by malicious groups such as North Korea.
In a tweet, Paul Grewal, legal chief at Coinbase exchange, celebrated a significant victory in the lawsuit, stating “privacy has triumphed” and describing it as a landmark success for cryptocurrency and those who value liberty. He emphasized that the U.S. Treasury’s actions against Tornado Cash are deemed unlawful.
As a proud investor in Coinbase, I’m thrilled about our role in achieving this significant victory. Per Tornado Cash’s recent statement, their smart contracts are no longer subject to sanctions, allowing US citizens once more to utilize this crypto mixing service designed for enhanced privacy protection.
The smart contracts previously on the sanctions list are now being lifted, enabling US individuals to resume utilizing this privacy-enhancing system. In simpler terms, the excessive reach of the government has been challenged.
— paulgrewal.eth (@iampaulgrewal) November 26, 2024
“The government’s overreach will not stand,” he added emotionally. The Coinbase CLO stated that while nobody wants criminal entities to use cryptocurrency protocols, “blocking open source technology entirely because a small portion of users are bad actors is not what Congress authorized.”
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Ripple top executive comments on court decision
David Schwartz, the Chief Technology Officer at Ripple, posted on his Twitter account to show his approval of the court’s verdict in this legal matter concerning the crypto mixing platform. In his characteristic witty style, he tweeted: “If a smart contract is considered a service, then a screwdriver would be a service too. If a smart contract is seen as a service, a book might as well be one too.
If a smart contract is a service, a screwdriver is a service. If a smart contract is a service, a book is a service.
— David “JoelKatz” Schwartz (@JoelKatz) November 27, 2024
In simpler terms, he compared this scenario to one where a repair team assesses a home’s area (measuring the square footage), which he referred to as a “service.” Yet, Schwartz quickly clarified, “the instrument used to measure the area is not considered a service itself.
The XRP community supported Schwatz in the comments.
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2024-11-27 14:54