The price of Tornado Cash increased just under 5% on Monday after the news circulated in X that a Court of Appeals of the United States had at the end of a lawsuit against the Treasury department.
The Court of Appeals of the eleventh Circuit ruled on July 3 that the demand, presented by the Coin Center of the Crypto Interest Group against the Treasury Department and several Government officials, could be dismissed after the Office of Control Sanctions Office of Foreign Assets of Sanctions against the Mixer Crypto and a CAUTH DEC block of the sanctions office.
The torn price was negotiated at $ 9.67, compared to $ 9.16 earlier in the day.
Last month, Coin Center and the Department of the Treasury presented a joint motion asking the Court of Appeals to vacate the April ruling of a Texas District Court that the way in which Ofac designated Tornado’s cash was illegal, and permanently highlighting the agency to enforce sanctions in its future.
Ofac eliminated Tornado cash from its sanctions list in March of this year, after another Court of Appeals, the fifth circuit, ruled that it could not sanction intelligent contracts. And in April, a judge of the District Court also in the fifth circuit ruled that ofac could not punish Tornado’s cash again. After several extensions of the suspension period, this decision became legally binding on June 28. The government agreed not to appeal the decision.
The executive director of Coin Center, Peter Van Valkenburgh, celebrated the decision on X on Monday, writing: “This is the official purpose of our judicial battle on the legal authority behind the [Tornado Cash] sanctions The government was not interested in advancing and defending its dangerously excessive interpretation of sanctions laws. “
In their June motion, the parties explained that, although they wanted the ruling of the District Court to be unoccupied for different reasons: Coin Center because the appeal would become debatable after the sentence of the Texas District Court became definitive and inadequate in June, and the Government because “the termination of the designation would discuss[ed] This appeal agreed that the best course of action would be that the Court of eleventh circuit disappoint the ruling of the District Court and the return with instructions to dismiss.
Despite eliminating tornado cash from the sanctions list, the United States government continues to pursue charges of criminal money laundering against tornado cash developers, Roman Storm and Roman Semenov. Storm’s trial is scheduled to start on June 14 in New York.
