In a significant development for the cryptocurrency space, a US court in Texas has overturned the sanctions imposed on the cryptocurrency mixing protocol Tornado Cash. Initially sanctioned in August 2022 for facilitating money laundering for North Korea’s Lazarus Group, the court ruled that the Office of Foreign Assets Control (OFAC) overstepped its authority. This decision came after six users of Tornado Cash appealed against the sanctions. Furthermore, President Donald Trump granted a pardon to Ross Ulbricht, the Silk Road creator, who was serving a lengthy prison sentence. Trump's pardon announcement on January 21, 2025, follows backlash from Bitcoin advocates regarding his previous inaction on this promise. Additionally, the US Securities and Exchange Commission (SEC) announced the formation of a new Crypto Task Force, led by Commissioner Hester Peirce, aimed at developing clear regulatory guidelines for digital assets.

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