More info on the ruling: The Fifth Circuit has found that Tornado Cash smart contracts do not constitute property, finding that Tornado Cash software is not covered by the IEEPA's authority. The court found that OFAC overstepped its authority by placing Tornado Cash on its Specially Designated Nationals and Blocked Persons List. The court found that while "OFAC’s concerns with illicit foreign actors laundering funds are undeniably legitimate," "perhaps Congress will update IEEPA [...] to target modern technologies like crypto-mixing software." "Until then," the court found, "we hold that Tornado Cash’s immutable smart contracts (the lines of privacy-enabling software code) are not the “property” of a foreign national or entity, meaning they cannot be blocked under IEEPA, and OFAC overstepped its congressionally defined authority." This is a developing story – we'll update both the article and this thread as we go through the information available 👇 therage.co/fifth-circuit-lif…