Alex Dovbnya reports:
The United States Court of Appeals for the Fifth Circuit has ruled against the Treasury Department’s Office of Foreign Assets Control (OFAC), siding with six plaintiffs-appellants.
The court determined that immutable smart contract protocols are not “property” subject to sanctions “because they are not capable of being owned” and struck down OFAC’s 2022 designation of Tornado Cash.
The crypto mixing protocol, which is often used for money laundering by such nefarious actors as North Korea, was originally sanctioned by the OFAC back in 2022.
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