The significant victory of Tornado Cash in court against OFAC could greatly impact the development of Web3 and DeFi, both in the USA and abroad.
Court Ruling in Favor of Tornado Cash
U.S. District Judge Robert Pitman ruled in favor of Tornado Cash, a popular crypto mixer, against the Office of Foreign Assets Control (OFAC). The court prohibited OFAC from reinstating original sanctions against Tornado Cash, which were imposed in August 2022.
Impact on Web3 and DeFi
This ruling is a significant victory for Web3 developers in the USA and globally. Key figures, including Paul Grewal, Chief Legal Officer at Coinbase, supported the decision alongside Tornado Cash.
Market and TORN Price
Following the court announcement, the price of TORN increased by about 1% to around $7.38. This small-cap altcoin has rallied over 160% in the past year.
The victory of Tornado Cash in court represents an important step towards creating a more transparent legal framework for Web3 and DeFi, which may encourage further development in these technologies.
