Tornado Cash’s TORN Token Sees 124% Surge Following U.S. Court Ruling

The Tornado Cash token experienced a significant surge of 124% on January 22, following a U.S. court ruling that lifted sanctions on the platform’s smart contracts. The ruling, which was made on January 21, stated that smart contracts are not considered “property” under U.S. law.

The case, which involved six users of Tornado Cash, centered on the U.S. Office of Foreign Assets Control’s (OFAC) claim that the platform facilitated illicit activities. However, the court ruled that smart contracts cannot be owned or controlled, and therefore, are not subject to sanctions.

Key Points of the Ruling

The court emphasized that smart contracts are immutable and cannot be changed or restricted, even by their creators. As Judge Don Willett noted, “The immutable smart contracts at issue in this appeal are not property because they are not capable of being owned.”

The court acknowledged concerns about the potential misuse of Tornado Cash, but emphasized that it must uphold the existing law, stating, “we must uphold the statutory bargain struck (or mis-struck) by Congress, not tinker with it.”

Following the ruling, the Tornado Cash token (TORN) surged to $17.67. However, it is essential to note that there is no public indication that OFAC has lifted the sanctions.

Investor Insights and Precautions

Investors should be aware that the Tornado Cash ecosystem is still subject to regulatory uncertainty. While the recent ruling may have a positive impact on the token’s value, it is crucial to exercise caution and conduct thorough research before making any investment decisions.

Some key takeaways for investors include:

  • Regulatory uncertainty can significantly impact the value of cryptocurrencies and tokens.
  • Investors should stay informed about the latest developments and updates in the cryptocurrency space.
  • Conduct thorough research and due diligence before making any investment decisions.

For more news and updates on the cryptocurrency market, visit Global Crypto News.

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