- Tornado Cash Victory against OFAC is a major milestone for Web3 and Defi Development in the United States and around the world.
- The use of crypto mixers of evil actors remains an existing threat to the broader crypto market.
The United States District Judge for the Western District of Texas, Robert Pitman, has decided in favor of Tornado Cash, a popular crypto mixer, against the Office of Foreign Assets Control (OFAC). According to court documents dated on April 28, the OFAC is legally forbidden to restore the original penalties.
In August 2022, OFAC added Tornado Cash to the specially designated Nationals and Blocked Persons (SDN) list. According to OFAC, Tornado Cash has enabled evil actors, led by North Korea to be supported by Lazarus, to lower the launder. $ 7 billion in crypto assets.
However, some tornado cash users, led by Joseph van Loon, shown It is a strong argument that the Department of Treasury has overstepped its authority. On the top list, plaintiffs argue that the cash tornado is not a person and cannot change the wise contracts are not owned.
In addition to mentioning constitutional violations of free speech and financial privacy, Tornado Cash may be seamlessly existing in the United States.
Larger picture of Tornado Cash Final Decision
The final blow to the Torado Cash Department of Treasury is a major success for web3 developers in the United States and around the world. The decision was appreciated by web3 leaders led by Paul Grewal, the chief legal officer at Coinbase, among others.
Moreover, the open source of development of web3 protocols will be formed under the Donald Trump administration, especially amid the expected legal clarity of crypto.
Meanwhile, the torn price gained about 1 percent following the announcement to trade nearly $ 7.38 at the time of this writing. The small cap altcoin, with a fully melted appreciation of nearly $ 74 million and a 24 average trading volume of nearly $ 2.6 million, rally at more than 160 percent last year.
