Paradigm supports Roman Storm in the Tornado Cash case
Legal intervention in venture capital
On June 17, a reporter from Panews reported that the VC firm Paradigm had submitted an amicus curiae brief to the New York District Court regarding the case of Tornado Cash founder Roman Storm. In this document, Paradigm emphasizes the importance of clarifying the legal definition of 'electronic money transfer services' to help the jury properly understand the nature of the case.
Risks to the cryptocurrency industry
The legal director of Paradigm warns that if Storm is convicted, it will severely impact the development of software in the encryption and financial technology fields. The trial is expected to take place on July 14, raising many questions about the limits of the law regarding decentralized cryptocurrency-related activities.
Legal issues regarding money transfer businesses in cryptocurrency
This case clarifies the controversies surrounding the legal definition of 'electronic money transfer services'. The question arises as to whether activities such as Tornado Cash are truly regulated financial services or merely provide pure encryption tools. These legal developments aim to clarify the legal boundaries of blockchain activities related to money transfers.
The future of the financial encryption and blockchain technology sectors
Most investors, software developers, and organizations are concerned about the upcoming court ruling. It not only impacts projects using cryptocurrency but also shapes the legal policy on decentralized money transfers across the industry. This case raises significant questions about creative freedom while still complying with the new legal framework for cryptocurrency.
Source: https://tintucbitcoin.com/hien-phap-ung-ho-lap-trinh-tornado-cash/
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