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Learning & News => News related to Crypto => Topic started by: sirty143 on May 04, 2024, 01:57:29 PM

Title: Does Money Transmitting Require Control? DOJ Says No in Tornado Cash Litigation
Post by: sirty143 on May 04, 2024, 01:57:29 PM

Does Money Transmitting Require Control? DOJ Says No in Tornado Cash Litigation

Since the Department of Justice (DOJ) filed its legal opposition to the pretrial motions of Tornado Cash developers Roman Storm and Roman Semenov, there has been a buzz within the cryptocurrency community regarding specific aspects of the court filing... See more for yourself here (https://news.bitcoin.com/does-money-transmitting-require-control-doj-says-no-in-tornado-cash-litigation/).

Your opinion is greatly appreciated.
 

Title: Re: Does Money Transmitting Require Control? DOJ Says No in Tornado Cash Litigation
Post by: TomPluz on May 04, 2024, 03:29:28 PM

This is an amusing comment (https://news.bitcoin.com/does-money-transmitting-require-control-doj-says-no-in-tornado-cash-litigation/): "This definition is so broad that if you plugged your cold wallet to a PC via a USB cable that hooks into a frying pan, the frying pan would constitute a financial institution."  I would say that indeed the kind of definition that DOJ is using for money transmission belongs to the age of dinosaur and is not quite fit with the current situation most especially in the era of cryptocurrency and the blockchain. Now, in case DOJ will be successful in pushing for its definition, this can have a large impact on the whole cryptocurrency business and can put many platforms and personalities in jeopardy. One of the many grounds why some people are feeling that the government is really doing an overreach and using lawfare but basically they are ignorant of how things are working with the industry we are in.