Two former developers of Tornado Cash, Roman Storm and Roman Semenov, have been indicted on charges including conspiracy to operate an unlicensed money-transmitting business. The indictment, issued by the United States Office of Foreign Asset Control (OFAC) on August 23, has raised questions in the crypto community, particularly regarding its alignment with existing Financial Crimes Enforcement Network (FinCEN) guidance.
Coin Center, a crypto advocacy group, has expressed concerns over the indictment, suggesting that the charges may not align with the definitions and guidelines provided by FinCEN. Peter Van Valkenburgh, Coin Center’s research director, highlighted that the indictment’s primary claim against the defendants is that they “engaged in the business of transferring funds on behalf of the public” without registering with FinCEN.
However, Valkenburgh points to the 2019 FinCEN Virtual Currency Guidance which states, “An anonymizing software provider is not a money transmitter.” This guidance further elaborates that those who use such software for their transactions could be considered either users or money transmitters, depending on the transaction’s purpose. Valkenburgh argues that while Tornado Cash’s tools might have facilitated users in transmitting money using the protocol’s smart contracts, this does not necessarily categorize the developers as money transmitters.
The indictment also alleges that Storm and Semenov had “complete control” over Tornado Cash’s smart contracts. Addressing this, Valkenburgh emphasized the variable nature of Ethereum smart contracts, where control can range from none to total. He stated that the degree of control is a crucial factor in determining if one is involved in money transmission. The indictment, according to Valkenburgh, does not provide clear details on the nature of the defendants’ control over the smart contracts.
Furthermore, the OFAC indictment suggests that by transferring funds on behalf of the public, Storm and Semenov were operating an unlicensed money transmission service and should have registered with FinCEN. On August 23, Semenov was added to OFAC’s list of Specially Designated Nationals and Blocked Persons, while Storm was arrested in Washington state.
This case has broader implications for the crypto community. Valkenburgh believes that the outcome could significantly influence the legal rights of U.S. citizens to develop and publish software in the future.
In related news, another Tornado Cash founder, Alexey Pertsev, was detained by Dutch authorities in August 2022 and subsequently released in late April.
Coin Center, a Washington DC-based Not-for-Profit organization with a focus on crypto policies, has filed a lawsuit against the United States Treasury and the Internal Revenue Service (IRS) for a tax reporting requirement it wants to pass into law.
Coin Center said the reporting requirement as detailed in the “Infrastructure Investment and Jobs Act” will require users to report transactions of $10,000 and above. The Bill demands the receiver of the funds to share the name of the sender, their date of birth, and their Social Security Number (SSN). According to the Coin Center lawsuit:
“In 2021, President Biden and Congress amended a little-known tax reporting mandate. If the amendment is allowed to go into effect, it will impose a mass surveillance regime on ordinary Americans,” the organization said on its website, adding that “uncover a detailed picture of a person’s personal activities, including intimate and expressive activities far beyond the immediate scope of the mandate. The reports would give the government an unprecedented level of detail about transactions within a realm where users have taken a series of steps to protect their transactional privacy.”
Coin Center is advocating that every American has the right to conduct whatever transactions they wish to conduct within a protected level of privacy that is designed.
Coin Center also noted that its “mission is to defend the rights of individuals to build and use free and open cryptocurrency networks: the right to write and publish code – to read and to run it. The right to assemble into peer-to-peer networks. And the right to do all this privately.”
The United States government has been doing all it can to provide long-sought oversight over the digital currency ecosystem and one of the most proactive ways it is doing this is by expanding the existing taxation provisions. While the Coin Center lawsuit is still very new, it is an indication that the crypto industry might be more resistant to whatever regulation they deem unfavourable.
The U.S. Treasury is pushing for new crypto reporting, requiring U.S. exchanges to share data on non-U.S. customers.
The Biden administration wants to exchange this data for information on U.S. residents’ crypto accounts in other countries.
The new proposal comes only weeks after the Senate approved new tax reporting requirements for crypto brokers in the $1 trillion Infrastructure Bill.
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According to areportciting an anonymous administration official published Monday, the U.S. Treasury is pushing for new tax reporting requirements for crypto exchanges in the upcoming $3.5 trillion budget reconciliation bill.
Treasury Wants Data on Offshore Crypto Accounts
The U.S. Treasury reportedly wants U.S.-based crypto exchanges to report data on non-U.S. customers.
The purpose of the provisions would be to gather information on foreign crypto account holders so that the U.S. could automatically share this data with other countries in exchange for information on U.S taxpayers trading cryptocurrencies in other countries.
The Biden administration hopes to leverage the new tax reporting requirements to enforce tax compliance on U.S. crypto investors. The administration suspects that U.S. taxpayers are setting up offshore corporate entities in order to trade cryptocurrencies while avoiding paying taxes. To stop this, the U.S. needs information from other countries, which it can only get if it comes up with its own data to trade.
Furthermore, the treasury reportedly wants to expand the information reporting requirements to the “beneficial owners” of the legal entities set up by foreign account holders to trade cryptocurrencies. A beneficial owner is a legal term for natural persons that enjoy certain ownership benefits even though the legal title of the property belongs to another person. In the U.S., this includes individuals who own at least a 25% equity stake in the legal entity or those with “significant responsibility to control, manage, or direct” the said entity.
According to Treasury’sGreen Book, third-party information reporting is critical in combating tax avoidance:
“In order to ensure that the United States is able to benefit from a global automatic exchange of information framework with respect to offshore crypto assets and receive information about U.S. beneficial owners it is essential that United States reciprocally provide information on foreign beneficial owners of certain entities transacting in crypto assets with U.S. brokers.”
Commenting on the latest news, Jerry Brito, CEO of crypto think tank Coin Center,tweeted, “We don’t object to crypto tax reporting requirements (indeed we’ve asked for reporting guidance for years), we object to last-minute additions to ‘must-pass’ bills outside regular order and with little or no public input.”
Earlier this month, Coin Center and the Blockchain Association, among others, lobbied the Senate against the last-minute provisions Secretary Yellenreportedlypushed to include in the $1 trillionInfrastructure Bill. The industry-led effortfailedto amend the bill, which includes provisions that make crypto brokers—a too broadly defined term according to industryexperts—responsible for sharing tax information with the IRS.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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United States senators Mark Warner and Kyrsten Sinema, both Democrats from Virginia and Arizona, respectively, have introduced a new amendment to the infrastructure bill that would lessen the burden on cryptocurrency tax reporting for miners and wallet providers.
As Perianne Boring reported Saturday afternoon, the senators are endorsing an amendment that would exclude cryptocurrency miners and hardware and software wallet providers from being subject to new tax reporting provisions. The amendment would broaden an earlier update proposed by the same lawmakers, along with Ohio Republican Rob Portman.
Senator @MarkWarner and @SenatorSinema have offered a new amendment with tech neutral language. If cloture is invoked, there will be 30 hours of debate left, then they will vote on the base text. We still don’t have any indication when they are going to vote on amendments. pic.twitter.com/4IpiFkfpud
— Perianne Boring (@PerianneDC) August 7, 2021
The current version of the bill considers these entities to be “brokers” that facilitate the transfer of cryptocurrencies between users. If these entities are indeed classified as brokers, they would have to monitor and track user transactions despite them not being actual customers. Opponents of the proposed law say it would be nearly impossible for miners to fulfill these obligations adequately.
The cryptocurrency community has, with few exceptions, banded together to form a united front against the proposed infrastructure bill. Many influencers have urged their followers to contact their state and local representatives to voice their opposition to the bill. In their view, the new tax reporting requirements are unworkable for cryptocurrency miners, wallet providers and protocol developers, which means their implementation would stifle innovation and adoption for the nascent industry.
Agreed, this is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.
— Elon Musk (@elonmusk) August 6, 2021
Related:Treasury Secretary reportedly against amending crypto language in infrastructure bill
Twitter CEO Jack Dorsey opposed a previous iteration of the bill proposed by Mark Warner, arguing that the “amendment makes it worse, especially for open source developers.”
This bill has so many issues. And the @MarkWarner amendment makes it worse, especially for open source developers.
And no rationale has been provided…only rumors. https://t.co/cMAMk2TuBX
— jack⚡️ (@jack) August 7, 2021
Jerry Brito, who heads Coin Center, a D.C.-based crypto think tank, wrote a detailed thread explaining two competing amendments and how they would impact the digital asset market. He contrasted Warner’s initial amendment, which he described as a “misguided [attempt] to pick technological winners and losers,” with an alternative proposal put forth by the bipartisan pro-crypto group that includes Ron Wyden, Cynthia Lummis and Pat Toomey.
1/ We need to fight misguided attempts to pick technological winners and losers, but we can’t lose sight of another important difference between the Warner-Portman-Sinema amendment and the Wyden-Lummis-Toomey amendment.
— Jerry Brito (@jerrybrito) August 6, 2021
Regarding Warner’s revised proposal submitted on Saturday, Brito said it’s “still not as good as the Wyden-Lummis-Tomey amendment,” which excludes protocol developers from the tax reporting requirement.
Senator Warner has revised his proposed amendment! It no longer limit the “validator” exception to proof-of-work. I think he heard our voices on that. But it still does not protect protocol devs. pic.twitter.com/JXOFRvuSs3
— Jerry Brito (@jerrybrito) August 7, 2021
Barring any further delays, the Senate is expected to vote on the bill late Saturday or on Sunday.
Related:SEC claims first enforcement action in $30M fraud case involving DeFi project
The congressional hearing hilariously titled “America on ‘FIRE:’ Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?” is the gift that keeps on giving. NewsBTCalready analyzedsome aspects of it, but Peter Van Valkenburgh’s testimony merits an article on its own. The Director of Research at Coin Center got several important ideas on the record, and we’d better register and remember them.
The previous article’s introduction still stands:
The U.S. Congress Oversight and Investigations Subcommittee held a hybrid hearing on Bitcoin and cryptocurrencies. The institution summoned Alexis Goldstein, Director of Financial Policy for the Open Market Institute, Sarah Hammer, Managing Director at the Stevens Center for Innovation in Finance, Peter Van Valkenburgh, Director of Research at Coin Center, and others.
Related Reading | New 2021 FATF Crypto Guidelines Labelled as Mass Warrantless Surveillance
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Since we at NewsBTC already did the job and covered the ridiculous statements of Representative Brad Sherman, it’s time to give the mic to someone more qualified and informed. Let the record reflect that a full video of the whole hearing is not available at the time of writing and that we’ll base our report on everything we could find on the open Internet.
U.S. House of Representatives, “We have the #Bitcoin Lightning Network to bundle millions of transactions without a meaningful increase of energy” – @Valkenburgh pic.twitter.com/xXy9lCqAXN
— Documenting Bitcoin 📄 (@DocumentingBTC) June 30, 2021
What We Know About Peter Van Valkenburgh’s testimony
Luckily for us, Documenting Bitcoin preserved the best bit of Van Valkenburgh’s presentation. The Director of Research at Coin Center sets everything up by explaining why and how the Bitcoin network is censorship-resistant.
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“… we have the advantage of knowing everything that the peer-to-peer ledger tells us. It’s shared and open, it’s not a proprietary standard from a corporation. And the peer-to-peer ledger shows us how much work these miners are performing to make sure that transactions get in blocks and they’re not censored by some third party or some government that wants to coerce certain transactions or block certain transactions. It’s this vibrant competition between miners that guarantees that the miner cannot form a cartel, and choose to systematically exclude certain persons from this financial system.”
To complete this idea, let’s quote Van Valkenburgh’s own “Understanding Bitcoin’s energy use” paper.
This competition is healthy because it means that the effort spent securing the network scales automatically with the value of the transaction data on the blockchain—not the number of transactions. So the more value there is riding on the Bitcoin network (because individuals value it more as reflected in the price), the more resources will be devoted to its security.
This leads us to…
What About Bitcoin’s Energy Usage And The Lightning Network?
This man is a House of Representativesveteran. He knew what he was doing. Van Valkenburgh set everything up, and then he goes to the meat and potatoes of the testimony. He goes for the throat and flips the establishment’s argument about Bitcoin’s energy consumption on its head. He shifted the narrative and put a spotlight on the traditional financial sector’s known inefficiencies.
“As far as energy usage, it’s worth noting that the traditional financial sector uses an estimated five times more energy than Bitcoin. Granted, the traditional financial sector moves more money. But it’s worth noting that Bitcoin’s energy usage doesn’t scale per transaction. So, most of the costs are the fixed cost of setting up an open peer to peer system that’s robust. And we have thechnologies like the Lightning Network that can bundle millions of transactions into that existing system without a meaningful increase in energy. So, it’s possible that we can have an open financial system that’s censorship resistant using one fifth of the energy of the current financial system.”
So yeah, the Lightning Network and its wonders are registered in the U.S. House of Representatives’ record. And, even though Bitcoin’s aim is not to outright substitute the ”current financial system,” the record reflects that Bitcoin is more energy-efficient and censorship-resistant as a bonus. Lastly, it’s worth noting that “five times more energy than Bitcoin” is an extremely generous estimate in favor of the traditional sector.
BTC price chart on FTX | Source: BTC/USD on TradingView.com
What Does Van Valkenburgh Think About Regulation?
The fine people at Coindesk got hold of Van Valkenburgh’s prepared testimony. Ina recent episode of their “The Breakdown”podcast, they cover an altogether different area:
There are a couple of key shifts in perception he tries to make, first, around the idea that crypto isn’t regulated, that’s wrong. It’s regulated all over the place at the state and federal level. It’s just fragmented. Second, crypto is for crime: wrong again, in 2020, only 0.34% of all cryptocurrency transaction volume involved a criminal sender or recipient and remember, those numbers came from Chainalysis, an organization that a huge number of government agencies spend multiple millions of dollars with every year.
Related Reading | Bitcoin Lightning Network Sees Storm Of Activity And Adoption
This ties up nicely with the above discussed, and with this direct Van Valkenburgh’s quote:
“For every transaction we want blocked, there’s a transaction that we should celebrate for being unstoppable. Yes, there are criminals making payments on the Bitcoin network because banks won’t bank them. There are also pro-democracy activists and Belarus and anti-police violence protesters in Nigeria, taking donations on the Bitcoin network because local banks won’t bank them. For every decentralized app that’s trying to scam investors. There’s another that’s testing out ways to disperse universal basic income, will remove the corporate control over social networking, or eliminate the hacking risk inherent in centralized identity solutions.”
Suffice to say, this man went into the belly of the beast and spoke the truth. The Bitcoin movement will be forever grateful.
Featured Images by Krystal Ng on Unsplash - Charts by TradingView
Bitcoin may not mean an end to traditional currency and banking, according to Peter Van Valkenburgh, research director at Coin Center.
“I think there’s folks in the Bitcoin community who probably make too many noises about how Bitcoin is going to dominate all economic systems and nobody will be using dollars anymore, and nobody will be using banks anymore, and I think that’s actually a little foolhardy,” Van Valkenburgh said in a Friday interview with the Washington Journal on C-Span.
“The fact of the matter is that there’s going to be times when a Bitcoin transaction is what you want. Definitely if you are in an oppressive state like Nigeria or Belarus you might find it more useful to use Bitcoin. In the U.S., we have a pretty stable banking system. We have the rule of law, we have a pretty well-functioning government.”
The way in which Bitcoin is used can depend on users’ geographic location. In some countries, Bitcoin (BTC) is seen as more of a speculative asset, used for trading and investing.
In other regions, Bitcoin can serve as a vehicle of greater freedom, providing users more flexibility and faster payments, as well as an avenue out of inflationary troubles when compared to traditional finance and currency.
“Generally speaking, here in the U.S., you’ll probably still use credit cards and Venmo and things like that, but maybe you’ll want to buy some Bitcoin because it can be a way to balance your investment portfolio against the threat of inflation,” Van Valkenburgh said, subsequently referring to similarity to gold in terms of limited supply.
“So maybe, you know, as part of a balanced portfolio that includes other safer investments, you might have a little bit of Bitcoin to hedge against inflation,” he noted.
Crypto-focused lobby groups in Washington, D.C. are playing an increasingly vital role in reorienting policymakers away from the view that virtual currencies are used primarily for illegal transactions. Now, they are preparing for potentially their biggest battle yet.
Blockchain Association, an industry trade group representing crypto firms, has added ten members to its brass since December 2020, bringing its total to 34. Kristin Smith, the group’s executive director, told Bloomberg that her members are extremely concerned about federal regulators clamping down on the industry over misplaced fears.
“We in the industry think it’s hugely problematic,” she said, adding that, “it misses the entire point of this innovation.”
Smith was commenting on recent proposals by the Financial Action Task Force and Treasury Department to increase surveillance of the cryptocurrency market over concerns about money laundering and other illicit activities. The proposals, which could be finalized later this year, would place more burdens on investors and blockchain networks.
Coin Center, a leading D.C.-based advocacy group, is raising money in preparation for a lengthy lobbying battle or lawsuit over the proposed regulations. Jeremey Brito, the group’s executive director, told Bloomberg:
“Our job is to say absolutely there is a real risk here and that we all need to work together, but don’t throw away the baby with the bathwater.”
Grayscale, the world’s largest digital asset manager, donated $2 million to Con Center earlier this year. Twitter CEO Jack Dorsey also contributed $1 million to the advocacy group.
Despite concerns about sweeping government regulations, the threat of an outright ban on digital assets is long gone, according to billionaire investor Tyler Winklevoss. In a recent What Bitcoin Did podcast episode with Peter McCormack, Winklevoss said:
“I think that the U.S. will never outlaw Bitcoin. There’s too much precedent that’s been set in the courts. The Coinflip order, which was a CFTC [Commodity Futures Trading Commission] enforcement action which was upheld in the courts, considered Bitcoin a commodity like gold.”
Digital assets have re-entered public discourse over the past six months as Bitcoin (BTC) charted new all-time highs and major institutions like Morgan Stanley and MassMutual got involved. On the corporate side, Tesla and MicroStrategy have added billions of dollars worth of BTC to their balance sheets — moves that many believe will normalize digital-asset exposure moving forward.
JPMorgan Chase, Citigroup, Goldman Sachs and BlackRock have all recognized Bitcoin’s emergence as a new asset class and, in some cases, one that could challenge gold for store-of-value supremacy.
Cryptocurrencies have reached several major milestones this year. The collective market cap of all digital assets topped $1 trillion in January before doubling less than three months later.
Twitter CEO Jack Dorsey announced he would be giving a blind Bitcoin (BTC) development trust worth 500 BTC ($23.7 million) with Jay Z for teams working on the project in India and Africa. Btrust, the project’s name, will have no binding direction from them.
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
Btrust Aims to Promote Bitcoin
Dorsey’s move comes at a time when the Indian government is presenting a bill to ban all “private” cryptocurrencies. Also, the interest to fund Bitcoin development emerges as the cryptocurrency sees all-time highs this year.
Dorsey announced the Btrust’s formation on February 12 and invited three board members to initially control the blind trust.
Dorsey, 44, took to Twitter to announce the start of his Btrust bitcoin donation. He said that they created it as a blind trust, which they cannot undo without zero direction. He also provided a link to the Google boardmember application form. The form states that Btrust’s mission is to make bitcoin the internet currency.
India’s Crypto Regulation
Last month, the Indian governmentannouncedit would introduce cryptocurrency and official billing regulations for digital currencies (2021) at its recent budget meeting. The aim is to pave the way for a possible introduction of a CBDC by the country’s central bank when China is testing its digital yuan.
Experts believe thecurrent billcan dispel ambiguity around digital money trading, which is not currently banned or passed in India. According to anonymous sources, the world’s second-most populous country will not immediately ban all cryptocurrencies and give consumers a grace period of 3 to 6 months to liquidate their holdings.
Moving into Blockchain
On February 10, Jack Dorsey donated $1 million to Coin Center in Washington, DC, which also received a $2 million donation from Grayscale. Dorsey’s continued passion for bitcoin has recently led him to create full bitcoin nodes from his Macbook, which means he can now inspect the bitcoin blockchain.
Dorsey is one of the most vocal Bitcoin permabulls. Last month, he explained why he got excited about cryptocurrency amid aTwitter threadbanning former US President Donald Trump after the violence at Capitol Hall.
He wrote on his Twitter that he likes bitcoin so much because of the model it demonstrates: fundamental internet technologies that are not controlled or influenced by any individual or legal entity. It is what the internet wants, and it will become more and more over time.
Last October, payment company Dorsey’sSquarepurchased $50 million in Bitcoin to increase access to the decentralized currency via its Cash App mobile payment service. In a 2018 media interview, Dorsey also mentioned that he believes Bitcoin will one day become the world’s single currency.
2021 is shaping up to be a generous year for cryptocurrency donations. On Wednesday, Coin Center, the leading cryptocurrency nonprofit in Washington, D.C., announced that it had raised millions in additional funding from high-profile names in the crypto industry.
Jerry Brito, Coin Center’s executive director, tweeted that his organization had received enough donations to claim the $1 million in matched contributions from Grayscale Investments, the world’s largest crypto fund manager.
Less than three weeks ago, Grayscale announced that it had donated $1 million to the advocacy group and pledged an additional $1 million in matched contributions. A few days later, digital currency exchange Kraken announced that it was pledging $100,000 to Coin Center.
Perhaps the most noteworthy news item came in a follow-up tweet when Brito confirmed that Twitter CEO Jack Dorsey donated $1 million to the advocacy group. “We were almost to our goal for the matching campaign when he put us over the top and then some,” he said.
Coin Center has received and incredibly generous gift of $1 million from @jack — we’re speechless.
We were almost to our goal for the matching campaign when he put us over the top and then some.
Your confidence in our work is incredibly humbling.
— Jerry Brito (@jerrybrito) February 10, 2021
Dorsey is also behind Square, whose mobile payments app lets users buy and sell Bitcoin. Square is also one of the largest corporate holders of BTC, with 4,709 units of the virtual currency on its books. That’s equivalent to nearly $210 million in today’s value.
Coin Center’s advocacy work is increasingly focused on advancing financial privacy and “sensible tax policy,” according to Neeraj Agrawal, the organization’s director of communications.
The crypto community is known for its generousity, especially in the wake of the 2017-18 bull market where millions of people around the world made a fortune investing in digital assets. Companies like The Giving Block are making it easier for organizations to accept digital currency donations.
The Giving Block recently published three job postings on its website, which reflects the growth of the crypto donations industry.
