The crypto community has been shaken by the Department of Justice’s latest moves with regard to self custody software developers.
In recent filings, the DoJ has ignored longstanding FinCEN guidance that clearly exempts self custody software developers from regulation as money transmitters (and that matched Coin Center’s early recommendations). In essence, DOJ seems to be attempting to create new policy though criminal prosecution.
Read more: DOJ’s New Stance on Crypto Wallets is a Threat to Liberty and the Rule of Law
A bill was introduced in Congress which would clarify that taxes on block rewards are not due at the time of acquisition, but instead upon their sale or disposition. The sensible policies this bill applies are in accordance with the nature of how tokens are created via staking, as well as proof-of-work networks, and match the recommendations Coin Center has made for years.
Read more: New Legislation Proposes Clear Tax Guidelines for Crypto Block Rewards
A new stablecoin bill in Congress attempts to create a regulatory framework for stablecoins. However, in seeking to prevent the next Terra type disaster, the bill’s language is overly broad. As written, it would ban all “algorithmic” stablecoins rather than limit itself to the flawed, centralized, model used by Terra.
Read more: Senate Bill Risks Innovation and Free Speech with Stablecoin Ban
We filed an amicus brief in Roman Storm’s ongoing criminal case in the Southern District of New York. In this brief, we help the court cut through the vague and prejudicial description of Tornado Cash offered by the prosecution.
We make clear that open source software developers cannot control the actions of others who happen to use their tools, and we argue that statutory and constitutional limitations to sanctions laws forbid the government from charging the Tornado Cash developers, or any similar open source developers, with conspiracy to evade sanctions.
Read more: Coin Center files court brief in defense of Tornado Cash developer
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