Mlion friends, have you heard? Tornado Cash, which was sanctioned by the US Treasury OFAC, has actually won a major victory in court! Yes, you heard that right, a US appeals court ruled that OFAC 'overstepped its authority', which directly led to a nearly 900% surge in the price of TORN!
Imagine, when you thought Tornado Cash was in dire straits, nailed to the pillar of shame by OFAC sanctions, a sudden turnaround made everything seem so unbelievable. This panel of three judges clearly stated in their legal opinion on November 26 that OFAC's sanctions against the immutable smart contracts of Tornado Cash were illegal, as they do not fall under the 'property' defined by the International Emergency Economic Powers Act (IEEPA).
'We believe that the immutable smart contracts of Tornado Cash (i.e., the lines of software code that implement privacy protection) are not the 'property' of foreign nationals or entities, which means (1) they cannot be blocked under IEEPA, and (2) OFAC exceeded the authority granted to it by Congress.' The ruling from these three judges undoubtedly provided a boost to Tornado Cash users.
So, does this mean that Tornado Cash has completely escaped the shadow of OFAC? Not necessarily. Lawyer Bill Hughes pointed out that while this ruling vindicates smart contracts without administrator keys, it does not mean that other parts of Tornado Cash are safe.
To recap, Tornado Cash was sanctioned by the US Treasury in August 2022, accused of having been used to launder over $7 billion in cryptocurrency since its establishment in 2019. Subsequently, six Tornado Cash users, led by Joseph Van Loon and supported by Coinbase, sued the US Treasury, arguing that its listing of 44 Tornado Cash smart contract addresses on the Specially Designated Nationals (SDN) list was 'unlawful'.
After nearly a year of legal battles, this exciting reversal has finally arrived. Coinbase's Chief Legal Officer Paul Grewal wrote in a post on November 26: 'These smart contracts must now be removed from the sanctions list, and US citizens will once again be allowed to use this privacy-protecting protocol.'
With this news breaking, the price of TORN soared, reaching a two-year high of $34.98. This is not just a price surge, but a defense and celebration of the spirit of cryptocurrency freedom.
If you are interested in the TRON project or other projects and want to learn how to analyze and track market dynamics, you can try Mlion (for experience, visit: 🤖👉mlion.ai). As an AI investment research assistant in the Web3 field, Mlion combines real-time news with deep AI analysis to provide you with precise market insights and investment advice. Whether it's price prediction, project reports, or quickly capturing market hotspots, Mlion can help you seize opportunities in advance. The Mlion platform has now launched a new feature - ML SWAP, which allows for one-click cross-chain exchange, making it convenient and fast. It supports over 50 chains and more than 40 types of plugin wallets, easily handling SOL and BTC chains. Especially for the BTC chain, Mlion helps you achieve cross-chain exchanges of contracts that other platforms cannot!
Even better, ML SWAP is also running a limited-time event! 🚀 Double rewards + 500 USDT grand prize waiting for you!
Whether you are a novice player or a trading expert, this feast is tailor-made for you! The platform has launched multiple activity subsidies, allowing users to earn points while trading, which can be exchanged for AI membership and other generous rewards. Such an opportunity can be described as 'killing two birds with one stone', satisfying trading needs while enjoying additional gains.
For more news updates, real-time price analysis and predictions, and SWAP cross-chain exchanges, please visit: 🤖👉 visit mlion.ai
The above content is for information sharing only and does not constitute any investment advice! Investment carries risk; proceed with caution!
Follow me for more market information shared daily.