The DeFi Report - Sponsor Image The DeFi Report - Industry-leading crypto research trusted by finance pros. Friend & Sponsor Learn more

Trump Regulators Declare War on Crypto Privacy Software

Trump appointee Jay Clayton hails Roman Storm conviction as win over 'criminals.'
Trump Regulators Declare War on Crypto Privacy Software
Listen
0
0
0:00 0:00

Subscribe to Bankless or sign in

Federal prosecutors are ramping up their war on crypto privacy tools — notching a courtroom partial win against Tornado Cash Tornado Cash co-founder Roman Storm Roman Storm and a major settlement with the founders of Samourai Wallet — and sending a message that developers writing open-source code are now fair game for prosecution under the Trump DOJ.

What’s the Scoop?

  • Storm Verdict: Tornado Cash co-founder Roman Storm was convicted of operating an unlicensed money transmission business after a four-week trial.
  • Samourai Guilty Pleas: Samourai Wallet’s Keonne Rodriguez and William Hill pled guilty to similar charges, admitting they built tools used by criminals. The plea deal includes a staggering $237 million forfeiture.
  • Targeting Tech: Prosecutors took aim at open-source mixing tools designed to enhance Bitcoin Bitcoin privacy. Officials cast the very concept of coin mixing as criminal.
  • Show of Force: U.S. Attorney and former SEC chair Jay Clayton praised the outcome as a victory over crypto criminals: “Roman Storm and Tornado Cash provided a service for North Korean hackers and other criminals to move and hide more than $1 billion of dirty money,” said Clayton.  “The speed, efficiency, and functionality of stablecoins and other digital assets offer great promise, but that promise cannot be an excuse for criminality.”

Bankless

Written by Bankless

758 Articles View all      

It’s time to break up with your bank, and join the movement for a better world.

No Responses
Search Bankless