(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
BREAKING: DAVID SACKS’ VISION FOR DIGITAL ASSETS, EVERYTHING HE PROMISED IN HIS CRYPTO CONFERENCE
David Sacks, the newly appointed Crypto Czar, recently addressed the nation in a press conference, laying out the U.S. government’s strategy to become a global leader in the digital asset space.
Clear Regulatory Framework for Digital Assets
The primary goal, as outlined by Sacks, is to develop a clear federal regulatory framework for the operation of digital assets, including stablecoins, within the U.S. This comes after years of uncertainty, with many crypto founders expressing frustration over unclear regulations from the Securities and Exchange Commission (SEC). Sacks said that clarity on the rules is the number one request he’s heard from industry leaders.
The Impact of Unclear Regulations
For years, crypto companies have faced arbitrary prosecutions, with some founders even being personally targeted, simply for engaging in the crypto space. According to Sacks, this lack of clarity led to many companies relocating their operations overseas. The new strategy aims to keep digital innovation on U.S. soil, ensuring that the country doesn’t miss out on the next wave of technology.
Promoting Innovation and Consumer Protection
Sacks said that having a regulatory framework in place will not only foster innovation but also improve consumer protection. By bringing these operations back onshore, it will be easier for regulators to monitor activities and separate good actors from bad ones.
Stablecoins and U.S. Dollar Dominance
Another key point Sacks discussed was the potential of stablecoins to bolster the global dominance of the U.S. dollar. He believes that digital assets could increase the usage of the dollar internationally, making it a key reserve currency and driving demand for U.S. Treasury bonds.
This could ultimately lead to lower long-term interest rates.. “This is a priority for the administration, and we’re committed to ensuring that America leads the way in digital assets,” Sacks concluded.
@ Newshounds News™
Source: Coinpedia
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WAR AGAINST CRYPTO NOT D--D AS DIGITAL ASSET DEVELOPERS STILL BEING PROSECUTED: LAWYER JOHN DEATON
Digital asset lawyer and advocate John Deaton says the “war against crypto” isn’t d--d despite the recent shift in US presidential administrations.
Deaton says on the social media platform X that there are still important cases going on even though Gary Gensler isn’t running the U.S. Securities and Exchange Commission (SEC) anymore.
The lawyer notes there is still an active case against Roman Storm, one of the founders of Tornado Cash, an Ethereum (ETH)-based coin mixing system that helps users conceal their digital asset transactions.
Storm was arrested in 2023 and slapped with charges related to allegedly laundering $1 billion in criminal proceeds, including hundreds of millions of dollars for the Lazarus Group, the sanctioned North Korean cybercriminal outfit. Storm’s trial is scheduled for April.
Deaton also points to the case against Keonne Rodriguez and William Lonergan Hill, the co-founders of the crypto mixer Samourai Wallet. Authorities arrested them last April for allegedly operating an unlicensed money-transmitting business that e------d more than $2 billion in unlawful transactions.
The U.S. Department of Justice (DOJ) also alleges Samourai laundered more than $100 million worth of criminal proceeds.
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Deaton notes both cases involve Section 1960 of Title 18 of the United States Code, which prohibits the operation of unlicensed money-transmitting businesses.
“Section 1960 requires money-transmitting businesses to register with FinCEN (Financial C----s Enforcement Network).
In 2019, FinCEN published guidance around Section 1960 that caused almost everyone to believe that control over user funds is required in order to be considered engaging in a money-transmitting business.
Since, at least 2019, if not earlier, the crypto industry has believed that someone who develops software and that software operates without the developer touching the money that’s flowing through the software, the developer is NOT a money transmitter. Therefore, that developer would never need to get a license from the federal government and thus, never be required to submit reports to regulators.
But that is NOT the law, according to federal prosecutors at the DOJ. The DOJ’s interpretation in prosecuting Tornado Cash developer Roman Storm and the two developers of the Samourai Wallet is that the developers could be considered money transmitters under Section 1960 even if they never took or assumed control of any of the software’s users’ funds.”
Deaton says the cases are an “existential threat” to the decentralized finance (DeFi) sector.
“If Roman Storm is found guilty and loses a single day of his freedom, imagine the chilling effect it would have on the DeFi industry. DeFi scares both regulators and incumbent legacy players, there will be resistance to dismissing these cases. The fight continues.”
@ Newshounds News™
Source: DailyHodl
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TRUMP SAYS U.S. WILL TAKE OVER GAZA S---P
WASHINGTON, Feb 4 (Reuters) – President Donald Trump said on Tuesday that the United States will take over and own the Gaza S---p, adding that “the same people” should not be in charge of rebuilding and occupying the land.
@ Newshounds News™
Source: Reuters
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Source: Dinar Recaps
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