10X Research: The Tornado Cash ruling will bring benefits to Ethereum and DeFi

2024-11-28 12:35:31

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ChainCatcher news, on Tuesday, the court ruled that immutable smart contracts do not constitute property and cannot be sanctioned under current law, a significant victory for privacy advocates, some observers claim.

10X Research stated in a report to investors on Wednesday: "While this ruling does not recognize money laundering, it sets a precedent that allows programmers to develop and publish smart contract protocols without fear of sanctions and without charging fees." This move also provides developers with clearer insights into what they can build without falling under regulatory scrutiny, especially on Ethereum, "as Ethereum remains the main hub for DeFi, this decision has positive implications for the broader DeFi ecosystem and other protocols (especially on the Ethereum network). This could have a huge impact."

Former Coinbase CTO and prominent cryptocurrency entrepreneur Balaji Srinivasan stated on X on Wednesday: "Privacy won. Smart contracts won. Tornado Cash won. And OFAC lost."

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Tornado Cash Ethereum DeFi

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