Crypto privacy recently scored another big legal victory after the Fifth Circuit, one of thirteen US federal appellate courts, ruled that the US Treasury’s sanctions against Tornado Cash smart contracts are unlawful.
The ruling is a big victory for the entire crypto sector, according to Paul Grewal, Coinbase’s Chief Legal Officer. Grewal was closely tied to the case as Coinbase decided to help lead this important challenge, as per his own words.
https://x.com/iampaulgrewal/status/1861549058797772874
He said that this is a historic win for crypto, and all those who care about defending liberty.
Tornado Cash’s Victory Is A Major Step In Defending Liberty
The statement comes from the fact that Tornado Cash is an open-source, non-custodial, and fully decentralized cryptocurrency tumbler, which runs on EVM-compatible networks. Essentially, it is a crypto mixer that mixes potentially identifiable cryptocurrencies with others, thus obscuring the trail that would otherwise lead back to the fund’s original source.
Crypto mixers are typically frowned upon by authorities as they are often used by online criminals to launder stolen cryptocurrencies. However, there is an argument to be made that just because a tool is used in a bad way, it isn’t necessarily a bad tool.
https://x.com/iampaulgrewal/status/1861549062182576596
Crypto tumblers are a big help for those who simply value their privacy and do not wish to have their funds and wallets on a public display. However, the US Treasury decided to add them to the sanctions list, thus banning US citizens from using the privacy-protecting protocol.
With the new ruling, Tornado Cash’s smart contracts will be removed from the sanctions list, and once again made available to the public. The ruling was beneficial for the crypto sector as the Court ruled that the Treasury has the power to take action against “property,” while open-source, immutable smart contracts cannot be owned by anyone, and as such, they are not subject to sanctions.
While this may be considered a victory on a technicality, it is worth noting that the Court considered the matter with care and in accordance with the law.
However, while Tornado Cash will once again allow US investors and traders to mix their coins and obscure their trail, they still need a reliable wallet to store them in, and Best Wallet might be a perfect tool for that.
While the court’s ruling restores access to Tornado Cash’s privacy-focused functionality, managing and securing cryptocurrencies remains a priority for users seeking full control over their funds. For those leveraging tools like Tornado Cash, a reliable, multi-chain wallet is essential for securely storing assets and maintaining privacy.
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What Makes Best Wallet Better Than Competition?
This is where Best Wallet stands out as a comprehensive solution, offering unmatched features for both privacy-conscious users and everyday traders. Best Wallet is a highly popular crypto wallet that is multi-chain, multi-wallet, and non-custodial. It supports over 60 different blockchains, as well as all cryptos that run on them, meaning that you can store the majority of the crypto industry within it.
Being multi-wallet, it also allows you to connect all your other wallets and manage all of your funds and different portfolios from one place. Finally, as a non-custodial wallet, no one other than you will have access to your funds, thus making it safe to use even as a long-term storage.
The wallet is available for both Android and iOS devices, and best of all, it has various daily goals and tasks that you can perform to get its native token, BEST. In fact, the token is currently in presale, and its ICO already raised over $1.33 million in only a little over a week.
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The token currently sells for only $0.0228, and you can buy it with crypto or cards within the Best Wallet. Just don’t wait too long to join its ICO, as its price will go up in a little over one day.
