The recent ruling by the Eleventh Circuit Court of Appeals, announced on July 3, allows Coin Center to drop its lawsuit against the U.S. Treasury. Following this news, the price of Tornado Cash increased by nearly 5%. This price hike was influenced by the dismissal of sanctions imposed by the Office of Foreign Assets Control (OFAC).

• Tornado Cash received a sanction relief from OFAC, which previously hindered its operations.
• Criminal charges against the developers, Roman Storm and Roman Semenov, are still actively pursued by the U.S. government despite the sanctions being lifted.

Background on the Case

The lawsuit initiated by Coin Center challenged the constitutionality of the sanctions. The court’s decision is seen as a win for the crypto community, despite ongoing legal issues for the developers.

Overall, this legal victory not only boosts investor confidence but also signifies a potential shift in governmental handling of cryptocurrency regulations.