US Treasury delists Tornado Cash from SDN list after Fifth Circuit ruling

On March 21, 2025, Treasury's OFAC removed Tornado Cash and its associated addresses from the SDN list, four months after the Fifth Circuit held in Van Loon v. Treasury that immutable smart contracts are not "property" sanctionable under IEEPA. Treasury framed it as a discretionary review rather than a concession, while quietly keeping sanctions on co-founder Roman Semenov and leaving DOJ's criminal cases against the founders untouched.