On Monday, it was reported that the price of tornado cash rose less than 5% after the lawsuit against the Treasury Department was over.
The Eleventh Circuit Court of Appeals ruled on July 3 that the lawsuit filed by the Cryptocurrency Group Coin Center against the Ministry of Finance and various government officials may be dismissed after the sanctions by the Office of Foreign Assets Control over the cryptocurrency mixer ended.
The Torn price is $9.67, up from $9.16 earlier in the day.
Last month, the Coin Center and the Treasury Department filed a joint motion asking the Court of Appeal to withdraw from the Texas District Court’s April ruling that the way OFAC designates tornado cash is illegal and permanently prohibits the agency from imposing future sanctions.
OFAC Tornado Cash From the list of sanctions for March this year Another Court of Appeal – Fifth Circuit – Ruled that it cannot approve the smart contract. In April, the District Court judge of the Fifth Circuit also ruled OFAC Cannot sanction tornado cash again. After several extensions during the upper interval period, the decision was legally binding on June 28. The government agreed not to appeal the decision.
Peter Van Valkenburgh, executive director of Coin Center Monday’s decision to celebrate XWriting: “This is the official end of our court’s statutory authorities behind the (Tornado Cash) sanctions. The government is not interested in moving forward and defending its dangerous over-interpretation of the dangers of the sanctions law.”
The parties explained in a June motion that although they wanted the District Court’s ruling to be withdrawn for different reasons – the Coin Center – because the appeal would be final and indistinguishable after the Texas District Court’s ruling became final and indistinguishable, the government in June because the OFAC revoked the appeal of the designated appeal (ED) – they agreed that they agreed to dismiss the best action to dismiss the court’s best action to make it rule the rule and put instructed to rule.
Despite removing tornado cash from the sanctions list, the U.S. government continues to file criminal money laundering charges against tornado cash developers Rome Storm and Roman Semenov. Storm’s trial is scheduled to begin in New York on June 14.
