Tornado Cash Ruling a Boon
For Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and DeFi
Says 10X Research
Tornado Cash Ruling a Boon For Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and DeFi Says 10X Research
While privacy coins as a category have since tapered off, decentralized
finance's market cap has jumped 8.2% on the day.
By Vince Dioquino
Nov 28, 2024 Nov 28, 2024
3 min read
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum is the leading blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн network for DeFi and decentralized
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The Fifth Circuit Court's ruling on Tornado Cash on Wednesday has
triggered widespread optimism, with decentralized protocols on Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and
privacy-focused tokens seeing significant gains.
On Tuesday, the court found that immutable smart contracts aren't
property and can't be sanctioned under existing laws, signaling what some
observers claim as a major win for privacy advocates.
"While the ruling does not endorse money laundering, it establishes a
precedent allowing programmers to develop and release smart contract protocols
without fear of sanction, provided they do• Музыка » Музыкальные термины » Музыкальная нотация » Ноты » До (нота)
• Музыка » Музыкальные термины » До (нота) not charge fees," 10X Research said
in a note to investors on Wednesday.
The move could also provide developers with more clarity about what they can
build without falling into the regulatory crosshairs, particularly on
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, which plays host to the majority of decentralized applications.
"Privacy won. Smart contracts won. Tornado Cash won. And OFAC lost," Balaji
Srinivasan, Coinbase's former CTO and prominent crypto entrepreneur, said
Wednesday on X , formerly Twitter.
Crypto markets immediately took inspiration from the news: TORN, Tornado
Cash's native token, surged over 380% early Thursday.
While privacy coins as a category have since tapered off to less than 2% in
total gains over the past 24 hours, decentralized finance's market cap
has jumped 8.2% and a further 21.5% on the week, data from CoinGecko shows.
Among the largest gainers is Uniswap (UNI), up 11% on the day to an
eight-month high just above $12.50. Aave (AAVE) and Ethena (ENA) have also hit
their strides, up 8.6% and 23%, reaching their highest point in 2.5 years and
five months, respectively.
"As Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum remains the leading blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн for DeFi, this decision is viewed
positively for the broader DeFi ecosystem and other protocols, particularly on
the Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum network. This could have enormous implications," 10X Research
wrote.
The ruling's scope remains specific to immutable smart contracts without
administrative control. Projects with upgradeable contracts or centralized
elements could still face regulatory scrutiny.
A s a type of crypto mixing platform , Tornado Cash falls under this scope,
though not as a whole. Notably, the Fifth Circuit has only considered its
definition of control in terms of its function "at the smart contract level.
The case now returns to a district court for another look under the Fifth
Circuit's interpretation.
Meanwhile, Alexey Pertsev, the Tornado Cash developer found guilty by a Dutch
court in May over a money laundering case, remains behind bars.
"I am sad to announce that, despite our best efforts, the court decided to
prolong my pre-trial detention,” Pertsev said on Twitter last week. “This
decision significantly complicates my ability to prepare for the appeal, but I
remain determined to continue fighting for justice."
Edited by Sebastian Sinclair
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