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Expert Analysis

5th Circ. Crypto Ruling Shows Limits On OFAC Authority

By Kenneth Nunnenkamp, Giovanna Cinelli and Eli Rymland-Kelly ( December 9, 2024, 7:32 PM EST) -- In a ruling eagerly awaited by the cryptocurrency industry, the U.S. Court of Appeals for the Fifth Circuit held on Nov. 26 that immutable smart contracts on the Tornado Cash crypto-transaction software protocol are not "property," subject to the sanctions jurisdiction asserted by the U.S. Department of the Treasury's Office of Foreign Assets Control....

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