A crypto currency company that had been blacklisted by the US Treasury Department has been given the green light to resume operations.
The 5th Circuit of Appeals continued to pick away at the Biden administration regulations with the latest involving crypto-currency and terrorist organizations.
The court overturned an Austin federal judge and ruled the US Treasury Department cannot block people from doing business with a crypto company called Tornado Cash.
The Treasury Department stated that terrorist states and terrorist groups used the site to launder money and finance crime. Two of Tornado Cash's founders were sent to jail in the Netherlands for money laundering charges. However, users of Tornado Cash say the Treasury Department has no business blacklisting the company.
The federal appeals court found the Treasury Department was relying on a 1977 law that was passed way before the internet was invented. The court says there's no way for the law to apply to Cryptocurrency until Congress does something.
The ban on Tornado Cash was reversed.
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