Litigation partner Kannon Shanmugam was recognized in The American Lawyer’s December 6 “Litigation Daily” column for winning a major appellate victory for the cryptocurrency industry. Reversing a district court decision that had upheld OFAC sanctions on Tornado Cash, an open-source software project enhancing privacy for cryptocurrency users, the U.S. Court of Appeals for the Fifth Circuit held that the immutable smart contracts at the core of the Tornado Cash software project were not “property” under the International Emergency Economic Powers Act (IEEPA), and that OFAC had exceeded its statutory authority. The Paul, Weiss team also included litigation associates Matteo Godi, Matthew Disler and Benjamin Miller-Gootnick.
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