The DOJ’s decision to criminally charge wallet developers for unlicensed money transmission, despite no actual control over user assets, represents an alarming move away from longstanding government policies. According to Peter Van Valkenburgh, director of research at Coin Center, this development signifies “regulation by criminal enforcement.” This unexpected shift occurred with recent charges against the developers of Samourai Wallet and in the ongoing Tornado Cash case, suggesting a potential overhaul in how the DOJ approaches crypto regulations.
Van Valkenburgh articulates the gravity of the situation, stating, “It has been the clear and consistent policy of the U.S. government since at least 2013 that cryptocurrency wallet developers and the users of those wallets are not money transmitters.” His observation underscores the abrupt nature of the DOJ’s new stance, which contrasts sharply with the definitions and regulations set forth by the Financial Crimes Enforcement Network (FinCEN) and other regulatory bodies over the past decade.
The director of research at Coin Center, has highlighted a crucial aspect of the DOJ’s response to Roman Storm’s motion to dismiss the Tornado Cash indictment. He points out that a key section of the DOJ’s reply brief was notably titled “Section 1960 Does Not Require the Business to Have Control of the Funds.” According to Van Valkenburgh, this part of the brief suggests that the scope of an “unlicensed money transmitting business” under Section 1960 exceeds the boundaries set by the Bank Secrecy Act and the definitions enforced by the pertinent regulatory authority.
The implications of these legal actions extend beyond the courtroom. The FBI’s recent warning to crypto wallet users about the risks of using non-regulated entities highlights the broader ramifications for privacy and financial autonomy. “This is a disaster for the rule of law, due process rights for the accused, and our fundamental freedoms of speech and privacy,” Van Valkenburgh emphasized, stressing the profound impact on personal liberties.
Coin Center thinks the broader cryptocurrency community, including individual users and other developers, could face unprecedented challenges if these prosecutorial tactics continue. Van Valkenburgh’s blog post insists that the potential reclassification of all wallet software as money transmitters, regardless of their operational nature, could stifle innovation and infringe on users’ rights to manage their digital assets independently.
“We will continue our efforts to help the courts understand how the technology works and how the existing law applies to that technology,” Van Valkenburgh assures.
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