Tornado Cash Ruling a Boon For Ethereum and DeFi Says 10X Research
Author: Content Editor
The Fifth Circuit Court's ruling on Tornado Cash has generated optimism in the crypto market, particularly for decentralized protocols on Ethereum and privacy-focused tokens. The court found that immutable smart contracts cannot be treated as property or be subject to existing laws, which is seen as a victory for privacy advocates. This ruling allows programmers to develop and release smart contract protocols without fear of sanction, as long as they don't charge fees. It also provides developers with more clarity on what they can build without regulatory concerns, particularly on Ethereum. The news has led to significant gains in the market, with Tornado Cash's native token surging over 380% and decentralized finance's market cap increasing by 8.2%. Other tokens like Uniswap, Aave, and Ethena have also experienced notable gains. The decision is viewed as positive for the broader DeFi ecosystem and could have significant implications. However, the Tornado Cash developer found guilty of money laundering remains in pre-trial detention.