DeFi
US Government Launches All-Out Attack on Non-Carceral Challenge
Disclosure: The views and opinions expressed herein belong solely to the author and do not represent the views and opinions of crypto.news editorial.
Developers of decentralized finance applications are paying attention. Federal agencies don’t care whether you control or ever control user funds. You are still liable under the Bank Secrecy Act (BSA). The Department of Justice (DoJ), Office of Foreign Asset Control (OFAC), and Securities and Exchange Commission (SEC) have targeted decentralized service providers SamuraiTornado Cash, Consensys and more. Stocks directed at least two other companies—Phoenix Wallet And Wasabi Wallet—to leave the American market completely.
Under the leadership of Gary Gensler, the SEC went so far as to target individual developers employed by startups creating decentralized technologies. The Commission request for a list of names of Consensys developers who contributed code, publicly or privately, to the Ethereum Merge, a September 2022 upgrade to the Ethereum blockchain that changed the network’s consensus method from proof-of-work to proof-of-stake.
Such measures undoubtedly have a chilling effect on decentralized and privacy-friendly technologies. Indeed, regulators now irrationally view developers as bankers (or perhaps as competitors of bankers).
Samurai Wallet
In April 2024, the DoJ charged Keonne Rodriguez and William Lonergan, both Founders of the self-custodial Samurai PortfolioThe couple was charged with conspiracy to commit money laundering and conspiracy to operate an unlicensed money services business. This was despite the fact that Samourai was not a bank. It simply provided software to automate financial processes.
Rodriguez’s lawyer plans to file a motion to dismiss the charges against his client and Lonergan. It will include a letter from U.S. Senators Cynthia Lummis (R-WY) and Ron Wyden (D-OR) sent to Attorney General Merrick Garland in which the two argue that non-custodial crypto software cannot be a money transmission service and that the DoJ is threatening to criminalize Americans offering non-custodial crypto asset software services. The representatives then went explain that “…users of these services retain sole possession and control of their crypto assets” and “…all transactions are signed and processed on the user’s local device without third-party access.” »
Cash Tornado
In addition to the allegations against Samourai, Alexey Pertsev, developer behind Ethereum-based crypto transaction anonymizer Tornado Cash, faced legal charges on several continents. Ethereum inventor Vitalik Buterin sympathizes with Pertsev and donated 30 ETH to his legal defense fund.
Tornado Cash’s future darkens in August 2022, when the US Treasury Department’s OFAC sanctioned for allegedly facilitating money laundering and serving sanctioned entities. In August 2023, U.S. federal law enforcement officials accused Tornado Cash allegedly laundered more than $1 billion in illicit funds, including hundreds of millions for North Korean hackers. The charges were filed in the Southern District of New York. Pertsev’s problems are international in scope. In the Netherlands, the developer was find guilty of laundering $1.2 billion, a verdict he is appealing.
Much to the chagrin of cryptocurrency founders around the world, Pertsev’s failed defense had been oft-cited in crypto circles: developers don’t control the dapps they release into the wild, so they shouldn’t bear responsibility for them.
Crypto enthusiasts have long argued that developers of open-source financial software should not be held liable for user behavior. Early feedback suggests that the justice system sees things differently. The Pertsev ruling thus sets a chilling precedent for criminal liability for dapp developers. As Attorney General Merrick Garland declared:
“These charges should serve as another warning to those who believe they can turn to cryptocurrencies to cover up their crimes and hide their identities, including cryptocurrency mixers: no matter how sophisticated your scheme or how many attempts you have make you anonymous, the Department of Justice will find you. »
Uniswap
Along with many other crypto companies, Uniswap, a decentralized crypto exchange, received a Wells Notice from the SEC. A Wells Notice is a letter from the SEC informing a company that it may take enforcement action against it. In its April 2024 letter, the SEC accused Uniswap of acting as an unregistered broker-dealer and securities exchange. Uniswap appears poised to aggressively fight the charges.
“The Uniswap protocol is also fully compliant with US law. SEC action would primarily affect activities clearly beyond its authority. argued Uniswap General Counsel Marvin Ammori.
Today, @Uniswap submitted our response to the SEC Wells notice we received in April.
The Uniswap protocol represents an innovation in commerce that solves long-standing problems – with near-instant, broker-free and secure trading of any asset. It is the first widely used protocol…
— Marvin Ammori (@ammori) May 21, 2024
MetaMask
Ethereum tech conglomerate Consensys received a well notice of April 2024 from the SEC as well, warning of potential enforcement actions related to its MetaMask Swaps and MetaMask Staking products. The SEC accused MetaMask of being an unlicensed broker-dealer.
Fed up with the SEC’s approach to law enforcement regulation toward the crypto industry, Consensys sued the United States Securities and Exchange Commission in Texas over what it did. calls an “illegal seizure of authority”.
The exodus of American cryptocurrencies
As the SEC goes after decentralized technology developers, Phoenix Wallet and Wasabi Wallet have both discontinued their services for US customers, citing the SEC’s targeting of the two major self-custodial cryptocurrency wallet providers. Other exoduses are likely to follow.
If regulators consider self-custodial wallet providers to be money service businesses, it is unclear whether self-custodial wallet providers, including innovations that are currently taken for granted, such as Lightning Network nodes, can operate in the country. The SEC is waging a legal battle against non-custodial services and could prompt U.S. partners to pursue draconian policies as well. Unfortunately, there will be no resolution for the crypto industry in the coming years, and one or more cases could end up in the Supreme Court.
Big banks and powerful players in the US government don’t want decentralized financial technology to change the way the world is run. So they’re looking to destroy it covertly, without giving the industry a chance to be properly regulated by elected lawmakers. Crypto’s only option? Fight for its life.
Kadan Stadelmann
Kadan Stadelmann is a blockchain developer, operations security expert and Komodo Platform Chief Technology Officer. His experience ranges from working in government operations security and launching tech startups to application development and cryptography. Kadan began his journey in blockchain technology in 2011 and joined the Komodo team in 2016.
DeFi
If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation
Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.
The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.
Bonk remains strong despite market fluctuations
While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.
Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.
Pepe should see a big rise in the next bull run
Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.
Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.
In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.
Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4
Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.
With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.
Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.
The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.
RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.
Discover the exciting opportunities of the Rollblock (RBLK) presale today!
Website: https://presale.rollblock.io/
Social networks: https://linktr.ee/rollblockcasino
No spam, no lies, only insights. You can unsubscribe at any time.
DeFi
Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong
Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.
Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.
According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.
“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.
I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.
The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.
“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”
I expect them to launch actively managed crypto ETFs [in the] coming years. ”
Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.
“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.
Chasing mass adoption of normies may be chasing the wrong Grail from the start.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/ktsdesign
DeFi
Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong
Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.
Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.
According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.
“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.
I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.
The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.
“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”
I expect them to launch actively managed crypto ETFs [in the] coming years. ”
Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.
“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.
Chasing mass adoption of normies may be chasing the wrong Grail from the start.
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check Price action
follow us on X, Facebook And Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/ktsdesign
DeFi
If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation
Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.
The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.
Bonk remains strong despite market fluctuations
While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.
Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.
Pepe should see a big rise in the next bull run
Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.
Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.
In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.
Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4
Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.
With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.
Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.
The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.
RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.
Discover the exciting opportunities of the Rollblock (RBLK) presale today!
Website: https://presale.rollblock.io/
Social networks: https://linktr.ee/rollblockcasino
No spam, no lies, only insights. You can unsubscribe at any time.
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