ChainCatcher News, the U.S. Fifth Circuit Court of Appeals overturned a lower court's ruling, determining that the Office of Foreign Assets Control (OFAC) exceeded its authority in sanctioning the Tornado Cash immutable smart contracts, marking a significant victory for the protocol and its users. The panel of three judges noted in their opinion that while the Treasury has the authority to act against "property," the immutable nature of Tornado Cash's smart contracts means they cannot be controlled or owned, and therefore do not constitute property under the International Emergency Economic Powers Act (IEEPA).Coinbase Chief Legal Officer Paul Grewal stated that these smart contracts must now be removed from the sanctions list, allowing U.S. users to once again utilize this privacy-preserving protocol. The appellate court has instructed the Texas District Court to approve the partial summary judgment motion filed by plaintiffs-appellants Joseph Van Loon and others.

ChainCatcher News, former U.S. federal prosecutor James K. Filan disclosed the latest developments in the U.S. SEC's lawsuit against Ripple on the X platform. The Second Circuit Court of Appeals has issued an order requiring the SEC's brief to be submitted by January 15, 2025. If the brief is not submitted by that date, the appeal will be dismissed as of January 15, 2025. Motions to extend the submission deadline or seek other relief will not count towards the submission date.

ChainCatcher News, the U.S. Second Circuit Court of Appeals issued a notice of default to Ripple's legal team earlier today, citing that Ripple missed the deadline for submitting the confirmation and notice of appearance related to the SEC lawsuit, which is due on October 18, 2024.The court has granted Ripple a 14-day extension, allowing the team to submit the required documents by November 1, 2024. If Ripple's lawyers fail to complete the submission by this new deadline, they may be prohibited from presenting their arguments at the upcoming appeal hearing without special permission from the court.

ChainCatcher news, according to Finance Feeds, the bankrupt cryptocurrency lending institution BlockFi has received court approval to repay its customers and unsecured creditors. The U.S. Bankruptcy Court in New Jersey approved the company's plan on Thursday, allowing BlockFi to repay 100% of customer funds. This cryptocurrency lending institution sought court approval to monetize its $874.5 million claim against FTX for an amount significantly higher than face value. The court's approval means that customers can now receive a full refund of their assets.The company stated that while the recovery of assets cannot eliminate the impact of the financial crisis, "effectively distributing 100% of the claim value to customers in the near future will be a very positive outcome." The company indicated that the process of ultimately distributing assets to U.S. customers could begin within 90 days. However, due to regulatory challenges, international customers may have to wait longer.

ChainCatcher news, according to unfolded reports, a U.S. court has ruled that Coinbase cannot force the U.S. Securities and Exchange Commission (SEC) to create new rules.Previously, Coinbase stated in its opening brief submitted to the Third Circuit Court of Appeals that the appellate court should instruct the SEC to begin a "long-delayed rulemaking process."Coinbase argued that the SEC violated the Administrative Procedure Act by not engaging in rulemaking and failing to provide a detailed explanation for rejecting Coinbase's rulemaking petition. The Act outlines how federal agencies should develop and publish rules.