Fifth Circuit Court of Appeals Ruling on #TornadoCash: The Fifth Circuit Court of Appeals ruled that Tornado Cash's "immutable smart contracts are not 'property,'" meaning they cannot be blocked under the International Emergency Economic Powers Act. The court found that the Treasury's Office of Foreign Asset Control (OFAC) overstepped its authority in #sanctioning Tornado Cash. This ruling has implications for the regulation of decentralized protocols and the reach of sanctions in the #crypto space