The US Court of Texas Western Region declared the previously imposed sanctions against Tornado Cash. The decision emphasized that the attempt to re -engage the sanctions of the Foreign Asset Control Office (OFAC) could violate the administrative laws in force. The court stated that the procedures to be followed during the sanction process were ignored and underlined that more careful in similar cases.
What does the court decision mean?
The Court convinced that when I was taking Tornado Cash on the sanction list, the court did not fully follow the necessary legal paths. Therefore, the re -implementation of the sanction is not possible. However, this does not mean that it cannot come up again with a new process in the future.
Another point that draws attention in the decision is that the defendants, the government officials, have not made a commitment not to bring the same sanctions of the same nature in the future. This indicates the meticulousness of the process that needs to be followed in similar cases.
The court’s statements include the assessment of “of the same sanction without having legal basis as of now”. This statement once again revealed the importance of administrative procedures in crypto currency regulations.
Support came to court from Coinbase
Coinbase Chief Law Officer Paul Grewal announced after the decision that he supported the court. Grewal criticized the US Department of Treasury in the Delist process in a harsh language and said that authorized institutions should act in accordance with the law.
Grewal’s statement said, “Ofac can no longer be legally implemented legally. I congratulate the brave plaintiffs against their governments”. This sentence shows that sector players are increasingly turning to more legal struggle.
The open support of large platforms such as Coinbase to the process reveals that the Tornado Cash case is not only technical, but also a political and ethical issue. Increased arrangement pressure in the crypto currency world brings a strong legal resistance.
With the decision of the court, Tornado Cash’s market value rose in a short time. The increase of approximately 8 %on a daily basis showed that market actors reacted positively to the decision.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
