Tornado Cash’s TORN token spiked over 500% overnight after a federal appeals court in the U.S. ruled that sanctions against the crypto mixer must be relieved. This latest ruling gave an answer to questionable concealment on the government’s sanction list accompanied by the U.S. Treasury Department.
As per CoinGecko data , TORN token soared over 1,000% with passing the price mark of $40 before settling near $16 where it currently trades. TORN price fell below $10 in August 2022 after its developer started facing strict legal obligations from government agencies.
The latest surge in TORN price has helped it come out into the spotlight after several months. The current market cap of TORN sits around $61 million with the token having a 24 hour trading volume of approximately $19 million.
According to the U.S. Court of Appeals for the 5th Circuit ruling, Tornado Cash’s inflexible brilliant contracts are not the equity of a foreign federal body, so they can’t be obstructed under the International Emergency Economic Powers Act.
While the department has a right to seal assets, it can not aim at technology as it is “not the ‘property’ of a foreign national or entity,” the court ruling ordered.
Moreover, the appeal said that the Treasury’s Office of Foreign Assets Control violated its parliamentary-defined rule and overstepped its congressionally defined authority in the matter.
