Odaily Planet Daily News Coinbase Chief Legal Officer Paul Grewal posted on X: "Privacy rights have won. Today, the U.S. Fifth Circuit Court ruled that the U.S. Treasury's sanctions against Tornado Cash smart contracts are illegal. This is a historic victory for cryptocurrency and for all who care about defending freedom. Coinbase is proud to help lead this important challenge. These smart contracts must now be removed from the sanctions list, and Americans will once again be allowed to use this privacy-preserving protocol. In other words, government overreach will not continue. No one wants criminals to use encryption protocols, but Congress did not authorize the complete blocking of open-source technology just because a small portion of users are bad actors. These sanctions expanded the Treasury's power to an unrecognizable extent, and the Fifth Circuit agreed. Specifically, the court ruled that while the Treasury has the authority to act on 'property,' the core open-source, immutable smart contracts of Tornado Cash cannot be owned by anyone and therefore do not constitute sanctioned 'property.' We appreciate the court's careful consideration of this matter. Looking ahead, Coinbase will tirelessly advocate for clear and fair rules to promote innovation both in the U.S. and abroad."