In a notable change in its approach to the cryptocurrency sector, the Ministry of Justice (DoJ) has announced that it would not target software developers who create decentralized platforms to transmit cryptocurrencies, as long as there is no criminal intention.
Doj softens the position on cryptography regulation
The interim deputy prosecutor Matthew Galeotti transmitted this message during remarks prepared for a summit of digital assets in Wyoming, signaling an important evolution of the government’s position towards the cryptographic industry.
This comes in the midst of President Donald Trump’s mission to transform the United States into the world of cryptography, stimulated by the recent adoption of three bills aimed at creating a more accommodating regulatory framework for digital assets.
Galeotti stressed that writing simple code without malicious intention should not be considered as a criminal act, marking the departure of the previous application actions, in particular those which have focused on the requirement for digital active platforms to register as money issuers.
Traditionally, entities like Western Union and popular payment applications such as VEVMO must comply with strict regulations, including the verification of customers and the declaration of suspicious activities aimed at preventing money laundering.
According to For Reuters, these regulatory requirements have often been a point of discord within the cryptographic community, in particular for decentralized exchanges which claim to have limited visibility on the transactions carried out on their platforms.
Confidentiality vs prosecution
A recent large-scale affair involved the co-founder of Tornado Cash. The jury judged Roman Storm guilty of conspiracy to exploit a company of transmission of money without license, while it is composed of shirking accusations of money laundering and sanctions escape.
The criticisms of the accusation argued that the co-founder was only a creator of code and not a person who facilitated illicit activities in his decentralized protocol, who was used to improve the confidentiality of public blockchains.
Dall-e star image, tradingView.com graphic
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