The Breakdown A Huge Victory for Privacy in the Tornado Cash Suit
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Nov 28, 2024 A significant ruling by the Federal Appeals Court has sparked joy in the crypto community, asserting that Tornado Cash's smart contracts are not considered property. This decision represents a pivotal moment for privacy rights in the digital currency realm. The conversation shifts toward the need for clearer regulations and the role of Congress in shaping crypto policy. In addition, the podcast delves into Bitcoin's volatile nature, reflecting on its price history and the implications for investors looking toward future trends.
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Tornado Cash Sanctions Overturned
- The Fifth Circuit Federal Appeals Court overturned the Treasury's sanctions against Tornado Cash.
- The court ruled that OFAC exceeded its authority by sanctioning immutable smart contracts, which aren't property.
A Win for Privacy and Crypto
- Coinbase's Paul Grewal celebrated the ruling as a victory for privacy and crypto.
- He emphasized the importance of not blocking open-source tech solely due to misuse by some bad actors.
Validation of CoinCenter's Argument
- The court validated CoinCenter's argument that immutable smart contracts, like those in Tornado Cash, aren't property.
- This means they don't fall under OFAC's sanctions power.