As a seasoned researcher with years of experience navigating the complexities of the cryptocurrency world, I must admit that watching the TORN token’s meteoric rise following the U.S. Court of Appeals ruling was nothing short of fascinating. It’s a stark reminder of the inherent volatility and unpredictability in this digital frontier.
The value of Tornado Cash’s TORN token surged more than 500% in one night following a decision by a US federal appeals court to lift sanctions imposed on the cryptocurrency mixer. This recent judgement addressed concerns about suspicious anonymity associated with the government’s sanctioned entities, along with the U.S. Treasury Department.
According to CoinGecko, the TORN token experienced an astounding increase of more than 1,000% and reached a price point of $40 before stabilizing around $16, where it is currently being traded. However, in August 2022, the TORN price dropped below $10 due to its developer encountering stringent legal responsibilities from various government bodies.
Recently, the increased value of TORN has brought it back into focus following a few months in relative obscurity. At present, its market capitalization hovers near $61 million, while its daily trading volume is estimated to be around $19 million.
As a researcher examining the matter, I’ve found that, following the U.S. Court of Appeals for the 5th Circuit’s ruling, Tornado Cash’s unyielding smart contracts do not constitute the property or equity of any foreign federal body. Consequently, these contracts cannot be restrained under the International Emergency Economic Powers Act.
According to the court decision, although the department is allowed to seize assets, they are prohibited from targeting technology since it does not belong to a foreign individual or organization as property.
Furthermore, the argument stated that the Office of Foreign Assets Control within the Treasury breached a rule defined by Parliament and exceeded its authority as defined by Congress regarding this specific issue.
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2024-11-27 13:08