In a big legal win for the cryptocurrency industry, a U.S. appeals court has overturned sanctions imposed by the Treasury Department on popular cryptocurrency mixer, Tornado Cash, causing the price of the associated coin to zoom 430%.
What Happened: A three-judge panel from the Fifth Circuit Appeals Court in New Orleans on Tuesday concluded that the Office of Foreign Assets Control (OFAC) had exceeded its authority, reversing a lower court’s decision and granting a partial summary judgment in favor of Tornado Cash users.
