The Fifth Circuit ruled on November 26, 2024, that Tornado Cash’s immutable smart contracts were not property that the Treasury Department could block under the International Emergency Economic Powers Act (IEEPA). The court reversed a lower-court judgment upholding the designation. Treasury—not the court—later announced on March 21, 2025, that it had removed economic sanctions against Tornado Cash.
What the Fifth Circuit decided
In Van Loon v. Department of the Treasury, No. 23-50669, the Fifth Circuit considered whether the immutable smart contracts at issue could be treated as “property” subject to blocking under IEEPA. The panel held that they could not, and concluded that the Office of Foreign Assets Control (OFAC) had exceeded the statutory authority asserted when it designated those contracts. The ruling reversed the district court’s judgment for Treasury. Read the Fifth Circuit opinion.
The decision was limited to the statutory question and immutable contracts before the court. It did not declare every use of crypto-mixing software lawful or address every possible legal restriction on related conduct. Judge Don R. Willett, who wrote the opinion, acknowledged the policy tension: “We readily recognize the real-world downsides of certain uncontrollable technology falling outside of OFAC’s sanctioning authority.”
Are Tornado Cash sanctions still in effect?
Treasury announced on March 21, 2025, that it had removed the economic sanctions against Tornado Cash. The department said the action followed its review of legal and policy issues and was an exercise of its discretion. This was a separate executive-branch action after the November 2024 opinion; the court did not itself delist Tornado Cash. Treasury’s delisting announcement.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
#1 Best Overall
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
Removal of the sanctions was not an endorsement of every use of the software. Treasury said it remained concerned about state-sponsored hacking and laundering aimed at stealing and deploying digital assets for North Korea. It urged U.S. persons to exercise caution before entering transactions that present a risk of benefiting malicious cyber actors or the DPRK. Treasury Secretary Scott Bessent said: “Digital assets present enormous opportunities for innovation and value creation for the American people.” He added: “Securing the digital asset industry from abuse by North Korea and other illicit actors is essential to establishing U.S. leadership and ensuring that the American people can benefit from financial innovation and inclusion.”
How the court ruling and Treasury delisting differ
| Action | Who acted and when | Basis and scope |
|---|---|---|
| Appellate ruling | Fifth Circuit, November 26, 2024 | Held that the immutable contracts at issue were not property blockable under IEEPA, reversing the district court judgment. |
| Sanctions removal | U.S. Treasury, March 21, 2025 | Treasury said it removed economic sanctions after reviewing legal and policy issues and exercising its discretion; its announcement also warned about transactions that could benefit malicious actors or the DPRK. |
Why Tornado Cash was designated
OFAC first designated Tornado Cash in August 2022. Treasury described it as an Ethereum virtual-currency mixer and said it had been used to launder more than $7 billion in virtual currency since the service began in 2019, including more than $455 million stolen by the DPRK-linked Lazarus Group. Those are Treasury’s claims and figures from its designation announcement, not findings made by the Fifth Circuit in deciding the appeal. Treasury’s August 2022 announcement.
On November 8, 2022, Treasury announced a redesignation under Executive Orders 13722 and 13694, as amended, replacing the August designation. Treasury cited alleged use of Tornado Cash smart contracts to obscure funds associated with cyber heists. Its announcement said more than $96 million derived from the Harmony Bridge Heist and at least $7.8 million from the Nomad Heist had been laundered through the service. These, too, are figures Treasury reported in 2022, not findings of the appellate court. Treasury’s redesignation announcement.
Rank #2
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
What the decision means for users
The appeal resolved a question about OFAC’s authority under IEEPA to block the immutable contracts involved in this case. Treasury’s later announcement removed the economic sanctions against Tornado Cash, while preserving the department’s warning about transactions that could benefit malicious cyber actors or the DPRK. The ruling should not be read as a blanket ruling on the legality of mixing activity, a decision about sanctions on individuals, or a resolution of separate criminal matters involving people associated with Tornado Cash.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteQuick Recap
Best Value
- Dual-chip architecture for maximum protection: The next-gen, fully auditable TROPIC01 chip works alongside a certified EAL6+ Secure Element—completely NDA-free—to deliver radically transparent, industry-leading defense against physical attacks.
- Quantum-ready security: Get protection against future threats with the first-ever hardware wallet designed with quantum-ready architecture.
- See every detail with confidence: Our largest high-resolution color touchscreen makes it easy to navigate your assets, review transactions and manage your coins with clarity.
- Wireless freedom with encrypted Bluetooth control: Manage, buy, swap and stake securely using Trezor Suite on desktop or mobile. Qi2-compatible wireless charging keeps your Trezor powered up. No cables required—security meets convenience.
- Works seamlessly with Android, iOS and desktop: Connect wirelessly or via USB-C to your phone or computer. Manage your crypto anywhere with our companion Trezor Suite app.
Rank #4
- EAL5+ CERTIFIED SECURE ELEMENT + FINGERPRINT PROTECTION — Your private keys stay encrypted offline on a certified EAL5+ chip, the same security tier used in EMV bank cards. Built by DCENT, securing crypto since 2018. Fingerprint authentication adds a second layer no PIN-only wallet can match.
- 10,000+ ASSETS NATIVE ON 100+ BLOCKCHAINS — Hold Bitcoin, Ethereum, XRP, Solana, Cardano, popular stablecoins (USDT, USDC), and NFTs in one wallet. No third-party apps, no fragmented setup — every supported asset works straight out of the box.
- TAP-TO-SIGN MOBILE EXPERIENCE — Pair your wallet with the DCENT mobile app over Bluetooth. Manage tokens, review transactions, and access in-app swap features directly from your phone — no cables, no desktop required.
- WEB3 & dAPP ACCESS VIA METAMASK — Connect to MetaMask and other browser extension wallets to manage NFTs, claim airdrops, and access dApps. A large screen and intuitive 4-button interface keep every transaction clearly visible before you sign.
- SEAMLESS FIRMWARE UPDATES & 30-DAY MONEY-BACK GUARANTEE — Apply security updates without resetting your wallet or migrating funds. Backed by Amazon's 30-day money-back guarantee — your purchase is risk-free.
Rank #3
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
