In this conversation, Jacob Robinson and Amanda Tuminelli, Executive Director of the DeFi Education Fund, delve into the criminal code provision punishing unlicensed money transmitting businesses, why this is relevant for developers of non-custodial crypto projects, and how a recent memo from the Department of Justice on ending “the regulatory weaponization against digital assets" might not have gone far enough.
Timestamps:
➡️ 00:00 Intro
➡️ 0:46 Sponsor: Day One Law
➡️ 01:05 What is Section 1960 and how does it impact crypto developers
➡️ 03:42 What case law tells us about Section 1960
➡️ 06:11 How money transmitting and money service businesses are defined
➡️ 09:14 The DOJ's memo on ending regulation by enforcement against crypto
➡️ 13:40 The charge at the heart of the Tornado Cash and Samurai Wallet cases
➡️ 18:48 Tornado Cash sanctions and OFAC's delisting: Not exactly as advertised
The DeFi Education Fund is hiring! You can learn more about their open positions here: https://www.defieducationfund.org/jobs-internships
This episode of the Law of Code podcast is brought to you by Day One Law — a boutique corporate law firm founded by recurring guest (and friend of the show) Nick Pullman. Nick and his team at Day One provide strategic legal counsel to startups, crypto projects, and Web3 innovators. Visit https://www.dayonelaw.xyz/ get in touch.
Disclaimer: Jacob Robinson and his guests are not your lawyer. Nothing herein or mentioned on the Law of Code podcast should be construed as legal advice. The material published is intended for informational, educational, and entertainment purposes only. Please seek the advice of counsel, and do not apply any of the generalized material to your individual facts or circumstances without speaking to an attorney.
