The DOJ charged Storm, alongside fellow developer Roman Semenov, with conspiring to commit money laundering, conspiring to operate an unlicensed money transmitter and conspiring to violate sanctions law by creating and operating Tornado Cash, a crypto mixing service designed to anonymize transactions. North Korea’s Lazarus Group and other criminal entities have laundered funds through Tornado Cash, U.S. authorities have alleged. Source
Category: ICO
Warren Rival for Senate Race John Deaton Argues for Coinbase in U.S. SEC Challenge
“The Howey test is a transaction-by-transaction analysis,” Deaton argued. “There are thousands of digital assets and thousands, sometimes millions, of transactions occurring on various blockchains. Because of this inconvenient reality, the SEC adopted an unconstitutional shortcut by effectively saying all transactions of the tokens violate securities laws.” Source
NEAR and SHIB Led CoinDesk 20 Gainers Last Week: CoinDesk Indices Market Update
CoinDesk 20 tracks top digital assets and is investible on multiple platforms. The broader CMI comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization. Source
Custodia Bank Appeals Court Loss in Fed Membership Lawsuit
“Unless Federal Reserve Banks possess discretion to deny or reject a master account application, state chartering laws would be the only layer of insulation for the U.S. financial system,” Judge Scott Skavdahl wrote last month. “And in that scenario, one can readily foresee a ‘race to the bottom’ among states and politicians to attract business by reducing state chartering burdens through lax legislation, allowing minimally regulated institutions to gain ready access to the central bank’s balances and Federal Reserve services.” Source
Warren Flags Crypto Ties to Child Sexual Abuse in Letter to U.S. DOJ, Homeland Security
Cryptocurrency has become “the payment of choice for perpetrators of child sexual abuse and exploitation,” the lawmakers noted, citing a February FinCEN Trend Analysis from transactions in 2020 and 2021 and a Chainalysis report from this past January. “Existing anti-money laundering rules and law enforcement methods face challenges in effectively detecting and preventing these crimes – and we seek to ensure that Congress and the administration are doing their part to address these challenges.” Source
Spreading the Benefits of the Gig Economy
Companies like Uber and Airbnb pioneered the operator economy when they started delivering valuable services using crowdsourced infrastructure and labor. In the process, they proved that this relatively decentralized business model could compete with, and even outperform, traditional businesses. Today, the United States is home to more operating platforms than anywhere in the world, with apps for food delivery, haircuts, babysitters, car sharing, and many more. The U.S. operator economy has produced a stable of unicorns and is on track to be valued in the trillions by 2031. In a…
OpenDelta Raises $2.5M to Build Bitcoin-Based Stablecoin Using Runes
OpenDelta’s flagship token, USDO, will retain its dollar value by hedging bitcoin (BTC) deposited by users as collateral. The token won’t go live till May, and even then, it will only be open to waitlisters in a closed beta. But the company behind it plans to bring Runes to other Bitcoin layers as well. Source
Consensys, a Target for the SEC’s Assault on ETH, Is Fighting Back
Consensys, a Target for the SEC’s Assault on ETH, Is Fighting Back Source
European Parliament Adopts Anti-Money Laundering Rules Package That Will Also Regulate Crypto
The new measures also seek to give people or entities with “legitimate interest,” including journalists, media professionals, civil society organizations and other competent authorities, “immediate, unfiltered, direct and free access to beneficial ownership information held in national registries and interconnected at EU level.” Beneficial ownership information refers to identifying information about entities or people that own or control companies. Source
Yao Qian, Former-Head of China’s Digital Yuan CBDC Effort, Faces Government Probe: Report
“Yao Qian, Director of the Science and Technology Supervision Department and Director of the Information Center of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Committee,” the report said. Source