As a seasoned crypto investor with a knack for navigating the ever-changing regulatory landscape, this ruling by the U.S. Court of Appeals brings a sigh of relief. The decision to overturn the sanctions on Tornado Cash is not just a victory for privacy and decentralization, but also a testament to the power of open-source code and its inherent autonomy.
A U.S. appeals court has determined that the Office of Foreign Assets Control (OFAC) went beyond its powers when it imposed sanctions on the unalterable computer programs known as Tornado Cash’s smart contracts. This judgment reverses earlier OFAC decisions and deletes these smart contracts from the list of sanctioned entities. Consequently, Americans are now able to resume utilizing the Tornado Cash protocol once more.
US Court Rules Tornado Cash Smart Contracts Not Property
On November 26, the Court of Appeals for the Fifth Circuit handed down a significant decision concerning the lawfulness of sanctions enforced on Tornado Cash by OFAC. The court determined that the sanctions were illegal as Tornado Cash’s smart contracts, being immutable open-source code, cannot be possessed or regulated by any organization or individual.
According to the court’s ruling, it was emphasized that Tornado Cash’s unchangeable computer programs, designed for enhancing privacy, are not considered as ‘belonging’ to a foreign individual or organization. The court clarified that under the International Emergency Economic Powers Act (IEEPA), the Office of Foreign Assets Control (OFAC) can only impose sanctions on assets owned or managed by foreign entities, but this does not extend to autonomous computer programs like Tornado Cash’s smart contracts.
In simpler terms, the court ordered a court in Texas to approve a request for a preliminary judgment made by the plaintiffs (led by Joseph Van Loon) who were contesting the penalties that had been imposed.
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2024-11-27 04:01