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Crypto News > Blog > News > Ethereum > Tornado Cash Victory Drives Optimism in Ethereum and DeFi: 10X Research | Keynote
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Tornado Cash Victory Drives Optimism in Ethereum and DeFi: 10X Research | Keynote

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Last updated: 2024/11/30 at 10:03 AM
Crypto Published November 30, 2024
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Tornado Cash Victory Drives Optimism in Ethereum and DeFi: 10X Research
 | Keynote
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In summary

  • The Fifth Circuit ruled that immutable smart contracts are not property and cannot be sanctioned.
  • TORN surged 380% following the ruling, while DeFi tokens like UNI and AAVE posted significant highs.
  • The decision drives regulatory clarity in Ethereum and the DeFi ecosystem, strengthening its growth.

The Fifth Circuit Court’s decision on Tornado Cash on Wednesday has generated widespread optimism, with decentralized protocols on Ethereum and privacy-focused tokens reporting significant gains.

Contents
In summaryDaily Debrief NewsletterCrypto Keynote USA

On Tuesday, the court ruled that immutable smart contracts are not proprietary and cannot be punished under existing laws, which some observers consider a major victory for privacy advocates.

“While the decision does not support money laundering, it sets a precedent that allows programmers to develop and launch smart contract protocols without fear of sanctions, as long as they do not charge fees,” 10X Research said in a note sent to investors on Wednesday.

The move could also provide developers with greater clarity on what they can build without falling into the regulatory crosshairs, especially on Ethereum, which hosts the majority of decentralized applications.

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“Privacy won. Smart contracts won. Tornado Cash won. And OFAC lost,” said Balaji Srinivasan, former CTO of Coinbase and prominent Cryptocurrency entrepreneur, on X, formerly known as Twitter.

Cryptocurrency markets were immediately inspired by the news: TORN, Tornado Cash’s native token, surged more than 380% on Thursday morning.

While privacy coins as a category have declined to less than 2% in total gains in the last 24 hours, the market capitalization of decentralized finance has increased by 8.2% and a further 21.5% on the week, according to data from CoinGecko.

Among the biggest gainers is Uniswap (UNI), which rose 11% on the day to an eight-month high just above $12.50. Aave (AAVE) and Ethena (ENA) have also found their stride, with increases of 8.6% and 23%, hitting their highest points in 2.5 years and five months, respectively.

“Given that Ethereum remains the primary Blockchain for DeFi, this decision is seen positively for the overall DeFi ecosystem and other protocols, especially on the Ethereum network. This could have huge implications,” 10X Research wrote.

Meanwhile, Alexey Pertsev, the developer of Tornado Cash found guilty by a Dutch court in May in a money laundering case, remains behind bars.

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“I am saddened to announce that, despite our best efforts, the court decided to extend my pre-trial detention,” Pertsev said on Twitter last week. “This decision significantly complicates my ability to prepare the appeal, but I remain determined to continue fighting for the justice.”

Edited by Sebastian Sinclair

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