Court ruling allows reuse of Tornado Cash smart contracts in US, victory for crypto industry

From Investing.com

November 28, 2024 09:30:20 AM:

The Fifth Circuit Court ruled that Treasury sanctions on Tornado Cash smart contracts in the U.S. are illegal, a win for liberty and privacy in the crypto community. Coinbase hailed the decision as a victory for individual freedoms and decentralized technology.

The court’s ruling allows U.S. citizens to reuse Tornado Cash smart contracts, which were previously sanctioned for enabling illegal activity. The ruling clarified that these contracts are not considered property and cannot be owned, preventing government overreach.

Congress did not intend to target decentralized tools due to a minority of users’ behavior, setting a crucial precedent against government overreach. Coinbase praised the ruling and reaffirmed its commitment to promoting just crypto laws and a transparent regulatory environment.

This victory establishes a standard for handling decentralized technologies in legal frameworks, benefiting not only Tornado Cash but the entire cryptocurrency sector. It marks a significant win for liberty and digital asset freedom in the industry.

Read more at Investing.com: Coinbase Lawyer Highlighted Critical Win for Crypto Industry By U.Today