The Tornado Cash (TORN) token rose more than 500% overnight as the US sanctions against the crypto mixer were lifted by a federal appeals court.
The federal court ruling is being regarded as an answer to the questionable concealment on the US government’s sanction list issued by the U.S. Treasury Department.
This caused the TORN token to gain 1000%, going past the $40 mark before it settled down at the $16 level. Earlier in August 2022, TORN dipped below the $10 mark as federal agencies took strict actions against its developers.
The recent price rally seen by TORN has helped the token to come into spotlight after months. This led the market cap to reach $61 million while the token's trading volume stands at $19 million.
As per the U.S. Court of Appeals for the 5th Circuit ruling, Tornado Cash’s inflexible contracts are not the equity of a foreign federal body which makes them unobstructable under the International Emergency Economic Powers Act.
The court ruled that the Treasury department have the right to seal the assets but it can't stake claim for the technology as it is “not the ‘property’ of a foreign national or entity”.
The appeal court further underlined that the Treasury’s Office of Foreign Assets Control overstepped it's congressional defined authority and violated its parliamentary-defined rule in this case.
At press time, TORN had gained 424.98% in the last 24 hours to trade at $18.92 while its trading volume rose 22326% to reach $15.31 million and the market cap went up to $99.18 million.