Appeals Court Rules Tornado Cash Sanctions Unlawful

   A U.S. Federal Appeals court ruled that the Treasury Department's OFAC exceeded its authority in sanctioning the cryptocurrency mixer Tornado Cash, reversing a previous decision. The court stated that Tornado Cash's smart contracts are not "property" of any foreign entity and thus cannot be blocked under IEEPA. This ruling follows a lawsuit from six plaintiffs, including Tornado Cash user Joseph Van Loon, who argued that the sanctions were an overreach. Following the decision, Tornado Cash’s governance token, TORN, surged significantly