A bunch of crypto corporations and advocacy teams is urging Congress to evaluate how the Division of Justice (DOJ) is making use of sure legal guidelines in its case towards the builders of Twister Money, a crypto mixing platform.
In a letter despatched on March 26 to key committees within the Senate and Home, 34 organizations raised issues about what they see as a broad and strange studying of legal guidelines associated to cash transmission.
Led by the DeFi Schooling Fund and signed by Coinbase
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The letter explains that two elements of US regulation outline what it means to run a “money-transmitting enterprise”. One part, Title 31 part 5330, requires such companies to be licensed. The opposite, Title 18 part 1960, makes it against the law to function one with no license.
The group argues that the DOJ is ignoring the connection between the 2 sections and as an alternative utilizing a slender studying to construct its case.
In addition they level to a 2019 assertion from the Monetary Crimes Enforcement Community (FinCEN), which mentioned that software program builders who don’t maintain or handle buyer funds should not thought of cash transmitters. The letter says the DOJ neglected this steerage when pursuing the Twister Money case.
The end result, the group claims, is a state of affairs the place “two separate US authorities companies” interpret the identical time period in another way. This creates authorized uncertainty and makes it laborious for builders to know what’s allowed.
On March 23, Paul Grewal, Coinbase’s chief authorized officer, pushed again towards the US Treasury’s choice to take away Twister Money from its sanctions listing. Why? Learn the total story.
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