An "Immutable" Force Meets an Immovable Object: OFAC's Crypto Loss at the Fifth Circuit
By EsqSocial Corporation 19/12/24
On November 26, 2024, the US Court of Appeals for the Fifth Circuit ruled that “immutable” smart contracts are not “property” for purposes of regulation by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). The decision invalidates a 2022 Biden administration executive order designating “notorious” digital asset mixer Tornado Cash a Specially Designated National (SDN) under Executive Order (EO) 13694 and EO 13722....
By: Bracewell LLP