TORN surged 130%, hitting $17.74 due to OFAC sanction removal.

Tornado Cash token TORN jumped 130% after a historic decision A U.S. federal appeals court has lifted sanctions imposed on Tornado Cash by the U.S. Department of the Treasury.Following the ruling, the price of TORN, the native token of Tornado Cash, jumped more than 130%, reflecting investor optimism

the ruling sets an important legal precedent to limit OFAC’s authority over decentralized technology TORN, the native #token of Tornado Cash, was sanctioned by the U. S. Court of Appeals for the U. S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The Office (OFAC) lifted the sanctions and the cryptocurrency’s exchange rate rose 130% to $17.74. The decision has boosted investor confidence and could be a watershed moment for the decentralized finance (DeFi) sector. Many predict that the price of TORN could rise even further. Did OFAC go too far? An appeals court ruled that OFAC 2022 ruled that OFAC exceeded its authority in imposing sanctions against Tornado Cash. The Treasury Department accused the cryptocurrency mixer of facilitating more than $7 billion in money laundering, including activities related to North Korean hackers. However, the court ruled that immutable #smart contracts that operate independently and are not controlled by any entity cannot be classified as “property” under OFAC’s jurisdiction. The ruling in the case brought by Wang Lun and others is an important legal landmark. It limits OFAC’s authority over decentralized technology and draws a clear line between autonomous code and traditional financial assets. This is a very important victory for the #DeFi industry. It underscores the importance of recognizing smart contracts as unique and different from traditional financial instruments and is a step towards a fairer treatment of decentralized platforms.

Market The market reaction was swift and positive.

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