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“In late 2022, OFAC […] blacklisted Tornado Cash for its role in laundering virtual currency for malicious cyber actors. The […] users of Tornado Cash […] argue that Tornado Cash’s inclusion on the SDN [Specially Designated National and Blocked Persons] list exceeded OFAC’s statutory authority. The district court disagreed […] Contrary to the [Treasury] Department’s arguments, the immutable smart contracts are not services. So even when we consider OFAC’s regulatory definitions, the immutable smart contracts are not property because they are not ownable, not contracts, and not services. […] We hold that OFAC exceeded its statutory authority […] Accordingly, we reverse and remand to the district court with instructions to grant [the plaintiffs] partial motion for summary judgment.”
— US Court of Appeals, Nov. 26, 2024
Massive W for Ethereum, cypherpunk values, & crypto in general. The TC contract address might soon get removed from the OFAC’s SDN 🎉 No more censorship FUD either 7 replies
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