Tornado Cash’s TORN token experienced an explosive rally, soaring over 500% overnight, following a U.S. federal appeals court ruling to lift sanctions imposed on the crypto mixer. The court's decision addressed concerns about the legal overreach of the U.S. Treasury Department's sanctions list.
According to CoinGecko, the TORN token briefly surged over 1,000%, hitting a high of $40, before stabilizing near $16. This marks a significant recovery for the token, which had fallen below $10 in August 2022 due to legal challenges faced by its developers. Currently, TORN has a market capitalization of approximately $61 million and a 24-hour trading volume of $19 million.
The U.S. Court of Appeals for the 5th Circuit ruled that Tornado Cash’s immutable smart contracts do not constitute the property of a foreign national or entity and, therefore, cannot be sanctioned under the International Emergency Economic Powers Act (IEEPA).
While the Treasury retains the authority to freeze assets, the court emphasized that technology itself cannot be classified as “property” under the law. Additionally, the ruling stated that the Treasury’s Office of Foreign Assets Control (OFAC) exceeded its congressionally defined authority in this case.
This decision has brought renewed attention to Tornado Cash and its TORN token, signaling a significant win for the broader crypto community.
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