cryptocurrency bitcoin5th Circuit Overturns OFAC’s Tornado Cash Sanctions
This court ruling, which limits what can be designated or sanctioned by the U.S. government, has been hailed as a victory for the crypto industry, and it could also carry implications for the future of OFAC enforcement in a post-Loper Bright reality.
December 20, 2024 at 01:05 PM
5 minute read
On Nov. 26, 2024, the U.S. Court of Appeals for the Fifth Circuit struck down the U.S. Department of the Treasury’s Aug. 8, 2022, designation of Tornado Cash on the U.S. sanctions list (SDN List). Tornado Cash is a cryptocurrency mixing service allegedly used to launder illicit funds—$7 billion worth—including $455 million allegedly stolen by the Lazarus Group, a North Korean hacking group. This court ruling, which limits what can be designated or sanctioned by the U.S. government, has been hailed as a victory for the crypto industry, and it could also carry implications for the future of OFAC enforcement in a post-Loper Bright reality.
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