30 CRIPTO FIRMA Invite Congress to clarity of money transmitters

Over 30 crupto companies, headed by EDRI of the Education Fund, and calls for the interpretation of the law on justice practices, which could be exposed to non-detention software to expose non-detention software programmers.

In a letter Sent to key legislators, including the chairman of the membership team Jim Jordan, industry claims that Doj’s position on section 1960. was introduced in the indictment in August 2023. years – deviates from existing instructions for the Treasury Department.

Signatories, including CoinParadigma and Krakenclaims that the interpretation does not respect Financial crimes execution network 2019 Guidelines, which state that developers who do not deliver custody for user funds are not transferable money.

“Doi’s new policy position … creates confusion and ambiguities with a criminal liability spectrum,” it said. “In essence, each Blockcack programmer could be prosecuted as a criminal.”

Cripto’s ‘Unlicensed’ Company for the Transmitter of Money

Section 1960. The USA code criminalizes the work of the “unlicensed job transferred money”. However, the CRIPTO firms claim that this should only be applied to detention services that actually maintain and transmit user funds, not guardianship software providers.

The courts are historically referenced by Fincen’s regulations to determine compliance, but the intensity of recent legal action – like those against Tornado Cash Developers – propose a wider interpretation that could lead to more prosecution.

The letter warns that if the Congress intervenes, the CRIPTO innovation could be stifled, pushing developers abroad.

“The Federal Government should not play the game of bait and shifting,” writing is. “Congress should submit a request to correctly correct his misappropriation of the law and clarified section 1960. to convey the intention of congresses more clearly.”