Tornado Cash’s TORN token has experienced a sudden surge of over 70% after the United States government removed the platform from its sanctions list. This sudden surge has left the crypto community agog with excitement.
U.S. Removes Sanctions on Tornado Cash
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) had initially imposed sanctions on Tornado Cash in August 2022. The agency cited concerns over the platform’s alleged use in laundering cryptocurrency, including those connected to the North Korean hackers Lazarus Group.
Tornado Cash’s developers provided technical clarifications to the OFAC, explaining how the platform’s smart contracts work and how they can be used for legitimate purposes. Some experts also raised concerns that the sanctions could infringe upon the First Amendment rights of Tornado Cash’s developers and users, as the platform’s code is considered a form of free speech. The combination of these factors likely contributed to the OFAC’s decision to delist Tornado Cash, effectively lifting the sanctions.
Market Reaction and Implications
The removal of sanctions has had an immediate impact on TORN’s price, with the token jumping over 70% in value. While the token has shed some of its gains, it is trading at $12.2 at press time, according to CoinGecko data.
This surge reveals the market’s confidence in Tornado Cash’s technology and its potential for future growth. As the crypto market continues to change, this development is likely to have far-reaching implications for the industry as a whole.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) officially dropped its four-year lawsuit against Ripple in a landmark decision that marks a significant milestone for the crypto industry and sets a crucial precedent for regulating digital assets in the U.S. In reaction to the monumental victory, Ripple’s CEO Brad Garlinghouse took to his official X handle to express his thoughts regarding the company’s victory against the regulatory watchdog.
Garlinghouse’s post was in response to the SEC’s continued classification of XRP as a security. The security agency had filed an appeal against the district court’s decision, arguing that XRP sales constitute securities transactions. The SEC’s decision to drop the case highlights Ripple’s unrelenting dedication to its mission and its commitment to fighting for the rights of the crypto community.
