• About
  • Landing Page
  • Buy JNews
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
No Result
View All Result
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result

Tornado Cash Triumph: You Can’t Sanction Smart Contracts, Court Declares, TORN Rallies 1,300%

SB Crypto Guru News by SB Crypto Guru News
November 27, 2024
in Bitcoin
0 0
0
Tornado Cash Triumph: You Can’t Sanction Smart Contracts, Court Declares, TORN Rallies 1,300%


Tornado Cash Triumph: You Can’t Sanction Smart Contracts, Court Declares, TORN Rallies 1,300%

Just when Bitcoin, Solana, meme coins, and top altcoins are flying, a United States court declared that Tornado Cash smart contracts, against allegations by authorities, can’t be sanctioned.

It is a massive boost for Tornado Cash, a crypto mixer that saw its token, TORN, flash crash, and usage shrink to record lows after sanctions in August 2022.

Now, coming as a shot in the arm for the mixer and another endorsement of crypto innovation, the Fifth Circuit Court of Appeals yesterday ruled that the Treasury Department’s sanctions against smart contracts guiding Tornado Cash are illegal.

This ruling is a victory for the burgeoning industry. It should be pivotal, especially for privacy purists and everyone calling for innovation.

The Case Against Tornado Cash: TORN Smart Contracts Are SAFU?

To understand why, we should go back to the last bull cycle in 2021. Then, as crypto prices soared to fresh highs, Tornado Cash emerged as a tool for obfuscating transactions on Ethereum.  

Simply put, the tool allowed users to “unlink” their public crypto movements by offering a layer of anonymity.  

Given the open nature of crypto transactions, this was necessary.

Unfortunately, Tornado Cash, a public tool built and improved by the community, attracted nefarious agents, mostly hackers and scammers, who wanted to launder stolen money.

Some of them allegedly included hackers acting on behalf of North Korea. The Treasury Department claimed that Tornado Cash had enabled the laundering of hundreds of millions of stolen funds, some from the Ronin Hack, which saw users lose over $600 million.

In an August 2022 release, the Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash’s addresses under the International Emergency Economic Powers Act (IEEPA), pointing to its role in enabling the transaction of illegal activities.  

The directive meant United States citizens couldn’t interact with Tornado Cash.

However, as expected, there was an immediate pushback. Coinbase, one of the world’s largest exchanges, filed a lawsuit contesting these charges. In their view, OFAC and the Treasury Department were overstepping their authority.

Coinbase and other blockchain advocates argue that Tornado Cash was an open protocol and that OFAC sanctioned self-executing autonomous contracts that weren’t owned by anyone but belonged to the underlying network, in this case, Ethereum, a public ledger.

EXPLORE: Elon Musk’s Hedgehog SHRUB Meme Coin Pumps +30%: Is This Best Animal Coin HODL?

The Court’s Historic Ruling: What Does This Mean for Privacy Coins?

In yesterday’s ruling, which overturned the district court ruling, the presiding judge decisively declared that Tornado Cash’s smart contracts weren’t property and “can’t be owned” since they are autonomous.

Secondly, the court said OFAC was overstepping its mandate by sanctioning open-source and immutable technology. The court said the agency should instead target individuals and entities misusing the protocol for their malicious gains.

The ruling acknowledges that if the government decides to ban mixers like Tornado Cash, it would smother innovation since it is like penalizing encryption.

Encryption and cryptography are foundational to digital security, powering all open-source ledgers, including Bitcoin and Ethereum.

TORN Price Rallies 1,300% – But Can Skyrocket Be Sustained?

Following this well-deserved triumph, TORN

.cwp-coin-chart svg path {
stroke: ;
stroke-width: ;

}





torn-tornado-cash icon












torn-tornado-cash icon




Price









Trading volume in 24h



<!–
?
–>


Last 7d price movement


prices soared 1,300% to nearly $40 before cooling off.

(TORNUSDT)

If Tornado Cash draws activity as it did before August 2022, TORN prices could rally, even soaring above $436, printed in early 2021.

EXPLORE: Dogwifhat Pumps 10% on Robinhood Listing, But New Meme Coin Presale $PEPU Steals Spotlight As It Powers Past $50M

Join The 99Bitcoins News Discord Here For The Latest Market Updates

The post Tornado Cash Triumph: You Can’t Sanction Smart Contracts, Court Declares, TORN Rallies 1,300% appeared first on .



Source link

Tags: Bitcoin NewsCashContractscourtCrypto NewsCrypto UpdatesDeclaresLatest News on CryptoralliesSanctionSB Crypto Guru NewsSmartTORNTornadoTriumph
Previous Post

OKX, Forteus, and Komainu Collaborate for 24/7 Institutional Crypto Trading

Next Post

Blockchain Adoption in Tech Companies – From Ideas to Action

Next Post
Blockchain Adoption in Tech Companies – From Ideas to Action

Blockchain Adoption in Tech Companies - From Ideas to Action

  • Trending
  • Comments
  • Latest
The Metaverse is Coming Back! – According to Meta

The Metaverse is Coming Back! – According to Meta

February 7, 2025
How to Get Token Prices with an RPC Node – Moralis Web3

How to Get Token Prices with an RPC Node – Moralis Web3

September 3, 2024
AI & Immersive Learning: Accelerating Skill Development with AI and XR

AI & Immersive Learning: Accelerating Skill Development with AI and XR

June 4, 2025
5 Proven XR and AI Training Use Cases for Enterprises

5 Proven XR and AI Training Use Cases for Enterprises

June 2, 2025
Meta Pumps a Further  Million into Horizon Metaverse

Meta Pumps a Further $50 Million into Horizon Metaverse

February 24, 2025
Samsung Unveils ‘Moohan’ to Compete with Quest, Vision Pro

Samsung Unveils ‘Moohan’ to Compete with Quest, Vision Pro

January 29, 2025
What Are Telegram Trading Bots? A Beginner’s Guide for 2025

What Are Telegram Trading Bots? A Beginner’s Guide for 2025

0
Analyst Sees 98% Surge for Top Solana Challenger, Predicts at Least 2x Rally for One SOL-Based Altcoin

Analyst Sees 98% Surge for Top Solana Challenger, Predicts at Least 2x Rally for One SOL-Based Altcoin

0
As Iraq’s economy shows signs of recovery, a thirst for new art is emerging – The Art Newspaper

As Iraq’s economy shows signs of recovery, a thirst for new art is emerging – The Art Newspaper

0
3-phase commit for multihop payments

3-phase commit for multihop payments

0
Why Bitcoin Summer 2025 Will Catch Everyone Off Guard: Analyst

Why Bitcoin Summer 2025 Will Catch Everyone Off Guard: Analyst

0
Solana (SOL) at Crossroads — Bounce Likely If 2 Remains Intact

Solana (SOL) at Crossroads — Bounce Likely If $142 Remains Intact

0
As Iraq’s economy shows signs of recovery, a thirst for new art is emerging – The Art Newspaper

As Iraq’s economy shows signs of recovery, a thirst for new art is emerging – The Art Newspaper

July 2, 2025
XRP Ledger payment transactions surges 430% in two years

XRP Ledger payment transactions surges 430% in two years

July 2, 2025
Why Bitcoin Summer 2025 Will Catch Everyone Off Guard: Analyst

Why Bitcoin Summer 2025 Will Catch Everyone Off Guard: Analyst

July 2, 2025
Big Beautiful Bill Passed Without Crypto Tax Exemption but Hope’s Not Lost

Big Beautiful Bill Passed Without Crypto Tax Exemption but Hope’s Not Lost

July 2, 2025
Hobbs Rejects New Attempt to Use Seized Crypto in Arizona

Hobbs Rejects New Attempt to Use Seized Crypto in Arizona

July 2, 2025
Crossmint and Visa Join Forces to Power AI-Driven Commerce

Crossmint and Visa Join Forces to Power AI-Driven Commerce

July 2, 2025
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at SB Crypto Guru News.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.