The U.S. Court of Appeals for the Fifth Circuit had already reversed and remanded the OFAC sanctions on Tornado Cash. Today’s event was more procedural, not a fresh ruling, here’s what actually happened:
▫️ The Fifth Circuit had already reversed and remanded the case to the district court. The key recent development is simply that the government’s window to request a rehearing expired, triggering the remand back to the district court for remedies.
▫️ While the Fifth Circuit ruled in favor of individual rights, the process is still ongoing. The district court will determine whether the remedies apply nationwide or are more limited. The government also retains the option to appeal to the Supreme Court.
▫️ Despite the nuanced legal backdrop, TORN’s price soared by over 130% amid reports of the sanction lift, (perceptions can sometimes overshadow detailed legal realities).
▫️ This ruling does however underscore a significant milestone for decentralised finance and blockchain innovation, reinvigorating the debate over balancing privacy with regulatory oversight.
For further details, read the official document below:
https://storage.courtlistener.com/recap/gov.uscourts.txwd.1211705/gov.uscourts.txwd.1211705.99.0.pdf?ref=blockhead.co