5th Circuit Rules Smart Contracts Not Legal Contracts in Crypto Victory Against USTreasury

The 5th Circuit Court of Appeals has ruled in favor of the crypto industry in a significant case involving smart contracts. The court agreed with arguments presented in an amicus brief, which stated that smart contracts are not equivalent to traditional legal contracts. The case, supported by organizations like Coin Center and legal figures such as Paul Grewal, Carla Reyes, and JW Verret, marks a major victory for the crypto sector. The case also challenged the U.S. Treasury on national security grounds and involved contributions from Coinbase. This decision is seen as a critical moment in crypto-related litigation, with plaintiffs and legal teams praised for their efforts in achieving this outcome.