CRYPTO - US Court declares sanctions against Tornado Cash illegal On November 26, the U.S. Fifth Circuit Court issued a ruling against the authority of the U.S. Department of the Treasury, declaring the sanctions against the Tornado Cash mixer illegal. The decision marks a turning point in the legal definition of smart contracts. A panel of three judges determined that Tornado Cash’s smart contracts cannot be classified as property and are therefore not subject to sanctions under the International Emergency Economic Powers Act (IEEPA). The judges dismantled the Treasury’s accusations, asserting that the Office of Foreign Assets Control (OFAC) exceeded its regulatory powers. Since Tornado Cash’s smart contracts are autonomous and lack ownership, they fall outside OFAC’s jurisdiction. This ruling overturns a previous court decision. Bill Hughes, an attorney with Consensys, commented that smart contracts are merely “lines of code,” more akin to tools than services. This legal interpretation could have significant implications for the future of open-source technology. In August 2022, the Treasury had accused Tornado Cash of facilitating the laundering of over $7 billion in digital assets between 2019 and 2022. Despite this allegation, the Court found that sanctioning immutable code was beyond congressional authority. Paul Grewal, Chief Legal Officer at Coinbase, emphasized the importance of the decision, stating that blocking open-source technology due to the actions of a small fraction of its users does not fall within the powers of the U.S. Congress. The lawsuit was filed by six Tornado Cash users, supported by Coinbase, who challenged the inclusion of 44 smart contract addresses on the Specially Designated Nationals (SDN) list. The plaintiffs argued that the sanction was an overreach, as Tornado Cash is neither a person nor an entity but software. Although the ruling is a positive development, Hughes noted that Tornado Cash’s blocked status remains unchanged. The case will now return to the district court for review under the newly established criteria.
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US Court declares sanctions against Tornado Cash illegal
The Court overturns the Treasury’s decision: smart contracts are not sanctionable property. On November 26, the U.S. Fifth Circuit Court
LEARN - Guide to Bitcoin wallets for mobile How to use smartphone applications to store, receive, and send bitcoin. Bitcoin mobile wallets are smartphone applications available for download from app stores. They allow you to store, send, and receive #bitcoin directly from your smartphone.
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Guide to Bitcoin wallets for mobile
How to use smartphone applications to store, receive, and send bitcoin. Bitcoin mobile wallets are smartphone applications available for download
BITCOIN - Rumble invests in Bitcoin: up to $20 million to diversify treasury Rumble, the video platform with around 67 million monthly users, is preparing to enter in #Bitcoin. The board of directors has approved a strategy to allocate a portion of its cash reserves into Bitcoin, with a maximum investment of $20 million. The initiative, announced by CEO @chrispavlovski through a poll on X that received 93.9% support, represents a strategic move to diversify the company’s financial resources. Pavlovski explained the decision by highlighting the advantages of Bitcoin as an inflation hedge: “Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury.” Following the announcement, Rumble’s stock rose by 12.63% during the trading session. The company clarified that the implementation of the strategy remains flexible and can be suspended or modified at any time based on market conditions and business needs.
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Rumble invests in Bitcoin: up to $20 million to diversify treasury
The YouTube alternative video-sharing platform turns to Bitcoin to protect its corporate capital from inflation. Rumble, the video platform with
BITCOIN - Bitmain: U.S. Customs halts Antminer ASIC imports According to a report by Blockspace, U.S. Customs has been holding Bitmain Antminer S21 and T21 mining devices for nearly two months, raising questions about the technological supply chain between the U.S. and China. The situation, still unclear, reportedly involves seven American mining companies affected by this administrative hold. The measure, requested by the Federal Communications Commission (FCC), is causing significant financial losses to businesses: some companies are already incurring over $200,000 in daily storage fees for 200 machines. The holds do not appear to affect other manufacturers such as MicroBT or Canaan but specifically target Bitmain, the global leader in Bitcoin mining hardware production. Speculation suggests a possible connection to investigations into Xiamen Sophgo, a chip manufacturer under scrutiny for alleged violations of U.S. sanctions. Sophgo, founded in 2019 by Micree Zhan – CEO and co-founder of Bitmain – produces critical components such as the CV1835 chip, which has already attracted regulatory attention. This chip model is used in the Antminer T21 and some S19 series models. This development unfolds against a geopolitical backdrop of growing technological tensions between the U.S. and China. In the background, President-elect Trump’s ambitions to make the U.S. a “global leader” in mining include statements hinting at a significant national strategy for the industry. At this time, there is no direct evidence linking the ASIC holds to the ongoing investigations. Authorities have yet to issue official comments, while mining companies await further developments.
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Bitmain: U.S. Customs halts Antminer ASIC imports
ASIC imports blocked: the Chinese company under scrutiny for possible sanctions violations due to the chip used. According to a
FEATURE - Will it be a crypto-friendly administration? Who are the members of Trump’s government team? The main choices made by the 47th President of the United States for his second term: several secretaries hold bitcoins.
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Will it be a crypto-friendly administration? Who are the members of Trump’s government team?
The main choices made by the 47th President of the United States for his second term: several secretaries hold bitcoins.
CRYPTO - Cantor Fitzgerald acquires 5% stake in Tether: a $600 million investment According to the Wall Street Journal, financial services giant Cantor Fitzgerald has finalized an agreement to acquire a 5% stake in Tether. The transaction, valued at $600 million, takes on particular significance in light of recent U.S. political developments. The news comes just five days after Howard Lutnick, CEO of Cantor Fitzgerald, was named Secretary of Commerce by President-elect Donald Trump. Sources cited by the Wall Street Journal suggest that this move could provide Tether with substantial political support in the incoming U.S. administration. Giancarlo Devasini, Tether’s primary shareholder, reportedly commented: “Lutnick will use his political clout to try to defuse threats facing Tether.” Lutnick is already actively working with Trump as a transition advisor, assisting in the selection of candidates for key government positions. Cantor Fitzgerald, a critical banking partner for Tether, currently manages the majority of the company’s reserves, estimated at $134 billion, primarily in U.S. Treasury bills. Lutnick, who has confirmed he will resign as CEO of Cantor Fitzgerald if confirmed by the Senate, has repeatedly expressed confidence in Tether’s financial strength, emphasizing its crucial role in inflation-stricken countries like Argentina, Turkey, and Venezuela.
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Cantor Fitzgerald acquires 5% stake in Tether: a $600 million investment
The acquisition deal coincides with Howard Lutnick’s appointment as Secretary of Commerce in the Trump administration. According to the Wall