The Fifth Circuit's decision is a victory for privacy, financial freedom, and the rule of law, says Zack Smith, senior legal fellow at The Heritage Foundation.
The Fifth Circuit's decision is a victory for privacy, financial freedom, and the rule of law, says Zack Smith, senior legal fellow at The Heritage Foundation.had acted in an arbitrary and capricious manner not supported by substantial evidence when it “overstepped its congressionally defined authority” in sanctioning “Tornado Cash’s open-source, self-executing software” instead of “the rogue persons and entities who abuse it.
But under the relevant statutory provisions, Congress gave OFAC only the power to sanction the property, including any interest in the property, of certain people. Doing that, the court said that under both the plain meaning of property and under OFAC’s regulatory definition of property, the term means something that can be owned. And in this case, the immutable smart contracts at issue did not qualify as property because they cannot be owned.
While the district court found the contracts to be “merely a code-enabled species of unilateral contracts,” the Fifth Circuit panel said that in “so finding, the district court ignored basic principles of black-letter contract law.” It explained that all contracts require at least two parties, but here, the immutable smart contracts “have only one party in play” because they are “just software code,” not a party who can contract with another party.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasury yields fall as investors cheer Treasury secretary pick, await inflation dataU.S. Treasury yields were lower on Monday as investors weighed President-elect Donald Trump’s Treasury secretary pick, and awaited a key inflation…
Read more »
Treasury yields fall as investors endorse Trump's Treasury secretary pick, await inflation dataU.S. Treasury yields were lower on Monday as investors weighed President-elect Donald Trump's Treasury secretary pick, and awaited a key inflation reading.
Read more »
10-year Treasury yield ending week lower despite post-election popTreasury yields were lower on Friday as investors considered the outlook for interest rates and the economy after the Federal Reserve's latest rate cut decision.
Read more »
Donald Trump to tap Scott Bessent for Treasury secretary, ending fierce battle for key job: sourcesBessent, the 62-year-old founder of Key Square Group, has repeated backed the president-elect’s pro-tariff stance in a series of op-eds and media appearances over the past year.
Read more »
RFK Jr. wants to clear out 'entire departments' in the FDA: 'They have to go'Former presidential candidate Robert F. Kennedy Jr. discussed his hopes for reforming the FDA in a second Trump administration following the 2024 election.
Read more »
Civil rights groups sue Texas just departments over teen inmate's suicideThe Texas Civil Rights Project (TCRP), Winston & Strawn LLP, and Palmer Perlstein filed a lawsuit against the Texas Department of Criminal Justice (TDCJ), the T
Read more »