Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: bayu7adi on January 23, 2025, 03:40:57 AM
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Some headlines on my homepage reported that the government's punishment on Tornado Cash had been overturned by a U.S. court... which is quite a shock considering that this happened when Trump was in his early years as president...
Some cryptocurrency phenomena have emerged since Trump was inaugurated, from Gansler being fired, political memecoin hype, and now, the Tornado Cash sentence being overturned... of course this is an interesting consideration regarding privacy in the cryptocurrency world...
Is this really the effect of Trump as the new leader of the United States? Is Trump also protecting some mixer companies from being disturbed by government agencies?
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After Ross Ulbricht of Silk Road fame got freed by Trump, this overturn decision for Tornado Cash can be another good news for the industry we are in. Yes, this can be another manifestation of the Trump Effect now making some round in the cryptocurrency-related industry and I would say that this is just the tip of the iceberg. I am looking forward for the grand regulation framework which can be established under the Trump administration allowing more players to introduce innovations and encouraging more fair competition in this field but at the same time purging bad actors from creating the unnecessary menace they are planning to do. With Gensler out of the SEC, we can be sure that there will be no more "regulation by enforcement" kind of thing. Now, this does not mean however that we can do anything that we desire...as there remain laws that must be followed and the government will still go after scammers and fraudsters that will surely surface later.
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It's just a new age for regulations, as Tom Pluz said.
Many things would be changed, that are already established by the previous administration and SEC alike.
We are in for an interesting time and this term, I do hope, we will see more positive developments than those that would regress the space in the future.
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For us who are living outside of America we are just waiting for something good that you guys will do since what was happening there in your country would also create an impact outside of your territory especially in the cryptocurrency industry so the decisions president Trump will make will also benefit us and hopefully he will make another great history in the crypto community during his term.
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The news about the U.S. court overturning the government's punishment on Tornado Cash is actually surprising especially given the timing. However, it's kinda important to note that this development might not be directly related to Trump's presidency although it may seem the headline is suggesting otherwise.
The fact is Trump's administration has actually kind of expressed a positive sentiment towards Bitcoin and the cryptocurrency industry. And concerning the tornado case I don't think it's directly related to trump that much.
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, and now, the Tornado Cash sentence being overturned...
The full sentence on Tornado cash has not been overturned!
What has been decided by the court is that the protocol itself, a piece of data can't be sanctioned, nothing about the users or the owners or the people using it, it's just that you won't immediately risk getting blacklisted or on the action list yourself from just receiving coins from that address.
The court said that the code is not property so it can't be sanctioned, as you sanction a company or a ship or anything else, it didn't suddenly make it legal!
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Some headlines on my homepage reported that the government's punishment on Tornado Cash had been overturned by a U.S. court... which is quite a shock considering that this happened when Trump was in his early years as president...
Some cryptocurrency phenomena have emerged since Trump was inaugurated, from Gansler being fired, political memecoin hype, and now, the Tornado Cash sentence being overturned... of course this is an interesting consideration regarding privacy in the cryptocurrency world...
Is this really the effect of Trump as the new leader of the United States? Is Trump also protecting some mixer companies from being disturbed by government agencies?
Trump is a person who wants total transparency of the public but he also wants privacy for his own assets till now we were tracking his portfolio and before the inauguration, I came to know that he has his own private portfolio and there were many tokens in them and they all pumped.
This means he want to hide many things for himself, and he has not invested in crypto only to keep his assets private from the public. he needs these tools, and I hope he has not been introduced to them now, because once he is, I hope one thing and that is a good person will teach Trump about this topic; otherwise, we might not see some supportive talks towards Mixers.
Tornadao cash was surely overturned by the district court of the region and it can be due to the powerful impact of Trump inauguration or maybe it is just a coincidence. we can't say anything as there is no news from the Trump's officials, so we should not relate everything back to him for no reason or should we?
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I read the news from this source[1]. It definitely doesn't sound like they will let the operators of mixers get away with no punishment. If I'm not wrong, at least this shows that some courts don't think building a mixer protocol is inherently terrible. I wouldn't be surprised if they'll push mixer operators to provide another layer of security/AML to prevent users from using their protocol to launder money. I wonder if they can do that without doing KYC tho. CMIIW.
[1] https://cointelegraph.com/news/us-texas-court-reverses-tornado-cash-sanctions-crypto-privacy-win
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I wouldn't be surprised if they'll push mixer operators to provide another layer of security/AML to prevent users from using their protocol to launder money. I wonder if they can do that without doing KYC tho. CMIIW.
It becomes a big dilemma for mixer service providers, if indeed the regulation regarding the use of KYC/AML is implemented, service providers will have two choices, siding with the government by following the KYC implementation rules which are actually detrimental to the client... or siding with the client by violating the KYC implementation rules which of course will have an impact on the threat of punishment from the government...
The initial concept of the mixer was about privacy and also the anonymity of the coin sender, so I think in the future service providers must continue to consider that as the main thing... surviving without KYC implementation might be a little difficult to do...
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I doubt if this has to do with Trump because. The Federal court in Texas where this sanction was overturned stated the government action overstepped their boundaries stating the Treasury Department had no rights to sanction a technology that operates anonymously without human intervention such as Tornado cash.
And there are speculations that the US government might seek the appeal the case which might escalate the matter to Supreme court. For now the crypto community is only on celebrating partially because we are yet to see or hear the next move of the US government.
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I read the news from this source[1]. It definitely doesn't sound like they will let the operators of mixers get away with no punishment.
Almost everyone is mistaking the sentence for applying to everything around Tornadcash when it's just about the protocol.
The ruling was simple, you can't sanction a protocol like you would sanction a bank account, meaning you can't immediately arrest someone from either sending or receiving coins from that address, but it doesn't change anything else. The judge ruled against blacklists, but it didn't rule against any other kind of law enforcement actions against operators and users, people really need to be really careful and not jump back on tornado-cash thinking suddenly it's legal.
Also, this is a US ruling, if you're in the EU it doesn't matter at all, and the developers where arrested here not in the us.
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Is this really the effect of Trump as the new leader of the United States? Is Trump also protecting some mixer companies from being disturbed by government agencies?
I don't think this was related to Trump in any way, but maybe some agencies wanted to get more into his ass with things like this.
There is no chance Trump is going to support any mixing companies, and if that happens I would not use any supported by him, it's more likely to be gov honeypots.
Trump is certainly doing some stuff to get support from US citizens for his new presidential term, but I would be careful trusting him blindly.
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Is this really the effect of Trump as the new leader of the United States? Is Trump also protecting some mixer companies from being disturbed by government agencies?
I don't think this was related to Trump in any way, but maybe some agencies wanted to get more into his ass with things like this.
There is no chance Trump is going to support any mixing companies, and if that happens I would not use any supported by him, it's more likely to be gov honeypots.
Trump is certainly doing some stuff to get support from US citizens for his new presidential term, but I would be careful trusting him blindly.
As far as I know, and correct me if I'm wrong, it was a court in Texas that made the Tornado Cash decision, not the new Trump administration
But I can't say if another president had been elected, whether it would have been the same decision or not...
There is also speculation that the government may appeal the decision, but with this pro-crypto administration, it may help Tornado Cash in this case
Here's a good article: https://coinmarketcap.com/academy/article/us-court-overturns-sanctions-on-tornado-cash-cryptocurrency-token-price-soars-140percent
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~ I wouldn't be surprised if they'll push mixer operators to provide another layer of security/AML to prevent users from using their protocol to launder money. I wonder if they can do that without doing KYC tho. CMIIW.
I believe they forced the implementation of this with some 'DEX' already and, if I remember correctly, that exchange received a lot of backlash. For mixers, this doesn't make sense at all. It would be similar to having multiple bank accounts to try and hide your wealth from the IRS.
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As far as I know, and correct me if I'm wrong, it was a court in Texas that made the Tornado Cash decision, not the new Trump administration
But I can't say if another president had been elected, whether it would have been the same decision or not...
Yeah I think that is correct and whole thing with TornadoCash was set in motion before Trump was even elected.
In the beginning days of his administration we can except them to have slightly relaxed stance toward cryptocurrencies and business related with them, but I don't think this will hold long term.
When this bull gone is gone and bitcoin goes down again, Trump will probably say that it is not ''stable'' enough...
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Some headlines on my homepage reported that the government's punishment on Tornado Cash had been overturned by a U.S. court... which is quite a shock considering that this happened when Trump was in his early years as president...
Some cryptocurrency phenomena have emerged since Trump was inaugurated, from Gansler being fired, political memecoin hype, and now, the Tornado Cash sentence being overturned... of course this is an interesting consideration regarding privacy in the cryptocurrency world...
Is this really the effect of Trump as the new leader of the United States? Is Trump also protecting some mixer companies from being disturbed by government agencies?
- I don't know, but I hope Trump's effect now as president of the US will be good, which he will influence on bitcoin or cryptocurrency. Because no matter how strong his influence is on bitcoin or crypto space, that's still not a guarantee to say that he really can.
Because first of all, with Bitcoin, no one can control Btc and all investors know that. So it's better to just wait and not expect too much and not because I'm being negative. Because there will and will be a correction that is actually deep.
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I believe they forced the implementation of this with some 'DEX' already and, if I remember correctly, that exchange received a lot of backlash. For mixers, this doesn't make sense at all. It would be similar to having multiple bank accounts to try and hide your wealth from the IRS.
Mixing is not a crime, and mixing your coins is also not a punishable offense by itself anywhere in this world. You can have one hundred bank accounts and one thousand cards, and nobody gives a damn as long as you play ball, I paid my taxes for last year and I did the papers for this one, you can't believe the garbage I had to write there since I withdraw a lot of dust back then from all exchanges to clean my accounts forever, nobody gave a damn. I had used 6 foreign cards in the past and because I have dual citizenship (both EU) I also have two bank accounts in two countries with the same bank ;D
Nobody cares!
Problems arise when you get yourself needlessly in trouble with garbage deals, and this ruling won't save you one bit.
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Some headlines on my homepage reported that the government's punishment on Tornado Cash had been overturned by a U.S. court... which is quite a shock considering that this happened when Trump was in his early years as president...
Some cryptocurrency phenomena have emerged since Trump was inaugurated, from Gansler being fired, political memecoin hype, and now, the Tornado Cash sentence being overturned... of course this is an interesting consideration regarding privacy in the cryptocurrency world...
Is this really the effect of Trump as the new leader of the United States? Is Trump also protecting some mixer companies from being disturbed by government agencies?
- I don't know, but I hope Trump's effect now as president of the US will be good, which he will influence on bitcoin or cryptocurrency. Because no matter how strong his influence is on bitcoin or crypto space, that's still not a guarantee to say that he really can.
Because first of all, with Bitcoin, no one can control Btc and all investors know that. So it's better to just wait and not expect too much and not because I'm being negative. Because there will and will be a correction that is actually deep.
Corrections will always be there, if we observe after bitcoin reaches ATH we always see corrections. Trumo is the US president-elect who supports crypto, we should wait to see what trump will do after being inaugurated.
I think positively about something good after this.
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Is this really the effect of Trump as the new leader of the United States? Is Trump also protecting some mixer companies from being disturbed by government agencies?
I'm not sure Trump supports Mixer because I'm not sure Mixer Tornado is from the US. Do you know the exact location of the Tornado Cash website?
Regarding Donald Trump becoming President I'm sure all cryptocurrency regulations are always simplified and the rules are relaxed, I think this also has an impact on the release from punishment for Tornado Cash.