⚖️ Cryptocurrency Developer Sues U.S. Department of Justice, Challenging Biden Era Regulatory Crackdown
Cryptocurrency developer Michael Lewellen has recently filed a lawsuit against the U.S. Department of Justice (DOJ), accusing the Biden administration of overregulation that stifles innovation in the cryptocurrency space. His lawsuit claims to address the same issues as previous legal actions taken against the developers of Tornado Cash and Samourai Wallet.
Lewellen's collaboration with Pharos has become the focus of this lawsuit. Pharos, as a non-custodial protocol, enables users to raise funds for charitable or various projects safely and transparently without intermediary involvement.
Lewellen stated that suing the DOJ is a stand against excessive regulation and emphasized that it is not just about the rights of Pharos, but also the future of innovation in American cryptocurrency. He believes that Pharos is a tool, not a financial service, and should not be subject to federal funds transfer laws. He also pointed out that the DOJ's enforcement actions against non-custodial protocol developers (like Tornado Cash) represent an overreach of federal power.
Although policymakers insist that increased regulation is crucial for curbing illegal activities and protecting consumer rights, Lewellen and other developers argue that the ambiguity of regulatory policies has led to a shift of innovative activities abroad. This lawsuit highlights the differing views and conflicts of interest between the two sides on how to balance the freedom of innovation with the needs of regulatory safety.
Meanwhile, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, praised Lewellen for voicing the concerns of software developers, and Coin Center's CEO Peter Van Valkenburgh also supported him, emphasizing the importance of maintaining developers' freedom to release software. The unified stance of these two industry leaders further underscores the consensus within the developer community regarding the freedom of software development.
🗣 Conclusion:
Lewellen's lawsuit against the U.S. Department of Justice is not just a fight for a personal project but also a struggle for the freedom of innovation in the cryptocurrency industry, highlighting the contradiction between regulation and freedom, as well as the dilemmas faced by innovators.
With the support of industry leaders, this case is expected to become a turning point in cryptocurrency regulation, prompting the public to think deeply about the balance between innovation and regulation.
💬 What are your thoughts on Lewellen's lawsuit against the DOJ? How should regulation in the cryptocurrency industry balance innovation and safety? Leave your views and opinions in the comments section!