RE: LeoThread 2024-11-29 15:13
You are viewing a single comment's thread:
100% for Decentralization.
The U.S. Fifth Circuit Court of Appeals ruled Tuesday that the U.S. Treasury Department exceeded its legal authority when it sanctioned the cryptocurrency mixer Tornado Cash in 2022 .
The court's decision centered on whether Tornado Cash, a tool designed to anonymize cryptocurrency transactions, constitutes "property" under the International Emergency Economic Powers Act (IEEPA) A three-judge panel concluded that Tornado Cash's immutable smart contracts - automated and self-executing lines of code - do not meet this classification. Judge Don Willett writing for the panel, underscored that the authority granted by the IEEPA allows the Treasury Department to sanction property, no technology.
The sanctions were imposed by the Treasury Department's Office of Foreign Assets Control (OFAC) in August 2022, citing Tornado Cash's role in laundering more than $7B in cryptocurrency, which included $455 million allegedly stolen by North Korea's Lazarus Group.
This is amazing news and it creates a precedent. Getting government control out of the crypto way is what will propel the blockchain technology to show its utility and revolutionize every industry. Simply evolution.
Very good to see.
Ultimately the authority and control over individual money should be placed on the self-custody of the individuals. Monopoly of Banks and state will come to an end with crypto revolutions.
Government has no business in Crypto. They should stay off