10X Research: The Tornado Cash case ruling will bring benefits to Ethereum and DeFi

On Tuesday, the court ruled that immutable smart contracts do not constitute property and cannot be sanctioned under current law. Some observers claim this is a significant victory for privacy advocates.

In a report to investors on Wednesday, 10X Research stated: "While this ruling does not endorse money laundering, it sets a precedent that allows programmers to develop and release smart contract protocols without fear of sanctions and without charging fees." This move can also give developers clearer understanding of what they can build without falling into regulatory scrutiny, especially on Ethereum. "As Ethereum remains the main battlefield for DeFi, this decision has positive implications for the broader DeFi ecosystem and other protocols (especially those on the Ethereum network). It could have a huge impact."

Famous cryptocurrency entrepreneur Balaji Srinivasan said on X on Wednesday: "Privacy won. Smart contracts won. Tornado Cash won. And OFAC lost."