A US court has ruled that smart contracts cannot be considered property, so cannot be sanctioned under existing laws. This ruling in favor of Tornado Cash, a cryptocurrency mixer, caused its token price to surge over 380%, reaching nearly $35. The total DeFi market capitalization increased by 8.2% daily and 21.5% weekly after the decision, with major DeFi tokens also reaching multi-month highs.
However, Tornado Cash developer Alexey Pertsev remains in custody despite the ruling.
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<p>The post Fifth Circuit Court Rules Immutable Smart Contracts Not Property, Boosts TORN Token, DeFi Market first appeared on CoinBuzzFeed.</p>