| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $82783.7100000000 |
| ETH | $1813.1280000000 |
| BNB | $592.9181900000 |
| XRP | $2.0624190000 |
| ADA | $0.6502579000 |
| SOL | $117.2493000000 |
| DOGE | $N/A |
| DOT | $4.0653700000 |
| LTC | $82.9598000000 |
| LINK | $12.8364200000 |
Category: CRYPTO NEWS
The post Urgent Call: Crypto Firms Demand DOJ Clarity on Money Transmitter Rules appeared on BitcoinEthereumNews.com. Is the U.S. Department of Justice (DOJ) casting a shadow over the future of crypto innovation? Over 30 leading crypto firms are raising serious concerns about the DOJ’s interpretation of money transmitter rules, arguing it could stifle development and push innovation overseas. Let’s dive into why these companies are ringing alarm bells and what it means for the future of decentralized finance (DeFi). Why are Crypto Firms Calling for DOJ Clarity on Money Transmitter Rules? At the heart of the issue is Section 1960, a statute designed to combat illegal money transmitting. While its original intent is clear, crypto firms argue that the DOJ is applying an overly broad interpretation, particularly in cases like the recent Tornado Cash sanctions. This broad interpretation, spearheaded by the DOJ, is seen as a significant departure from established FinCEN (Financial Crimes Enforcement Network) guidelines, creating a murky legal landscape for developers, especially those working on non-custodial software. Here’s a breakdown of the key concerns: Threat to Non-Custodial Software: The DOJ’s stance is perceived as a direct threat to developers of non-custodial software. Non-custodial software is crucial for DeFi, empowering users to maintain control of their own digital assets. If developers are deemed money transmitters simply for creating and distributing this software, it could severely hamper innovation. Bypassing FinCEN Guidance: FinCEN is the primary regulatory body for money transmission in the U.S. The crypto industry feels the DOJ is bypassing FinCEN’s more nuanced approach, creating regulatory confusion and uncertainty. Legal Uncertainty and Innovation Chill: The lack of legal clarity is creating a chilling effect. Firms are hesitant to invest and innovate in the U.S. when the legal boundaries are unclear and potentially punitive. This could lead to an exodus of crypto talent and development to more welcoming jurisdictions. In a strongly worded letter to Congress,…
2025-03-27T03:42:41+00:00