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- Representatives from 34 crypto entities appeal to Congress.
- Concerns stem from the DOJ’s interpretation of “fund transmitter”.
- Potential implications for software development and regulatory tensions.
Representatives from 34 crypto entities, including Coinbase and Kraken, have appealed to the U.S. Congress for clarity on the DOJ’s interpretation of “fund transmitter” in legislation. This request comes following concerns related to Section 1960 of the Criminal Code.
The appeal underscores potential implications for non-custodial software development and the broader crypto industry. The industry’s engagement with Congress highlights regulatory tensions.
Crypto Giants Rally for Legislative Clarity
The initiative, led by the DeFi Education Fund, features support from Coinbase, Kraken, and Uniswap Labs. They aim for guidance on legislative intent concerning software development regulation. Accusations against Tornado Cash co-founder Roman Storm under Section 1960 have prompted industry-wide anxieties.
The current practice’s impact on ordinary developers is alarming. This interpretation could inadvertently criminalize software creators, prompting calls for a legislative review. Prompt clarification may prevent such implications, as stressed by multiple stakeholders.
Amanda Tuminelli, Chief Legal Officer, DeFi Education Fund, remarked, “It’s notable that the SEC is formally and publicly closing their investigation into Uniswap Labs. It gives DeFi companies additional comfort to pivot from defending to embracing our right to build decentralized tech.” Source
Tornado Cash Prosecution Fuels Community Concerns
Did you know? The use of Section 1960 against Tornado Cash’s Roman Storm has sparked debate about potential overreach and regulatory consistency, highlighting growing tensions within the crypto community.
Uniswap’s current market metrics, including a price of $6.89, show its market cap at $4.33 billion, comprising 0.15% market dominance, as per CoinMarketCap’s recent update. Trading volume reached $123.06 million, with negative price shifts in recent months.
The Coincu research team notes the potential impact of regulatory consistency on crypto sectors. Broader technological repercussions might arise based on regulatory frameworks. Strategic adjustments by firms could mitigate adverse outcomes.
