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Welcome back to The Gwart Show! Peter van Valkenburgh breaks down Coin Center's legal battle against the DOJ's crackdown on privacy tools like Tornado Cash. From First Amendment rights to money transmission laws, we explore how these cases could alter development. Peter explains why software isn't money transmission and how these prosecutions threaten innovation in America.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, and Tom Schmidt chop it up about the latest in crypto. This week, we're joined by special guest Peter Van Valkenburgh, Executive Director of Coin Center, to tackle one of the most pivotal moments in crypto policy. In this episode, we dive into the groundbreaking Fifth Circuit ruling on Tornado Cash, unpack its implications for blockchain privacy, and discuss the challenges noncustodial developers like Roman Storm are facing. We also break down Trump's crypto executive order, the SEC's new direction under Hester Peirce, and speculate on what a U.S. strategic Bitcoin reserve might mean for the future. Show highlights
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, and Tom Schmidt chop it up about the latest in crypto. This week, we're joined by special guest Peter Van Valkenburgh, Executive Director of Coin Center, to tackle one of the most pivotal moments in crypto policy. In this episode, we dive into the groundbreaking Fifth Circuit ruling on Tornado Cash, unpack its implications for blockchain privacy, and discuss the challenges noncustodial developers like Roman Storm are facing. We also break down Trump's crypto executive order, the SEC's new direction under Hester Peirce, and speculate on what a U.S. strategic Bitcoin reserve might mean for the future. Show highlights
The IRS finalizes its DeFi broker reporting requirement. Coin Center comments on the IRS midnight broker rule. Tim Beiko shares an ACD 2024 Recap. And Reservoir Swap goes live on Ink. Read more: https://ethdaily.io/616
The Director of Research at Coincenter, Peter Van Valkenburgh joins us for our final talk at the Bankless Summit with a story that hits close to home about privacy and surveillance. ------
VALUE FOR VALUE Thank you to the Bowl After Bowl Episode Producers: harvhat, ChadF, Fountain user, Boolysteed, ajoint, CollinCZ, Lavish, Piranesi The Ghost Inside - Engine 45 Bowls With Buds ★ Episode 344 ★ ChadF Intro/Outro: Floating AnarchY - Cyber Funk (YouTube) ON CHAIN, OFF CHAIN, COCAINE, SHITSTAIN mempool.space MicroStrategy buys 55,500 BTC (CNBC) @jamesob tweet SEC Gary Ginsler announces resignation (Barron's) Coin Center analysis of crypto policy landscape following the elections Satsconf hackathon winners (Even Tornado) Learning @ Chaincode
Bitcoin is up slightly at $97,588 Eth is down slightly at $3,338 Solana, down half a percent at $247 Those are you're leaders by market cap. Top gainers in the last 24 hours: Celestia up 30% Stellar up 22% Cantor Fitzgerald secures 5% stake in Tether. Scott Bessent nominated. Coin Center flags key crypto threats. US CFPB finalizes rule to supervise large nonbank Learn more about your ad choices. Visit megaphone.fm/adchoices
833: Jaron Lukas on Healthy Nutrition for Dogs.Why we need to stay away from highly processed pet kibble!In This Podcast: Jaron Lukas, CEO and founder of Yum Woof, a brand specializing in air-dried dog food, discusses his journey from tech to pet nutrition, driven by personal experiences with food allergies. He emphasizes the importance of avoiding dry kibble, highlighting the benefits of more natural dog food options for canine health and longevity. Jaron also delves into insights from his book The Canine Cocomega Effect, which explores the synergistic benefits of combining coconut oil and omega-3s in dog diets.Our Guest: Jaron Lukas is the CEO and founder of Yum Woof, the air dried dog food brand. He is also the author of the canine cocoa mega effect that explores 162 studies on which fats are linked to a longer lifespan in dogs.Previously, Jaron founded the VC backed fintech startup Coin Center, which he sold in 2016. He also started his career in investment banking at J. P. Morgan and graduated from Rice University on the president's honor roll. Besides dog nutrition, he's passionate about history, biochemistry, and daily meditation.Jaron's Book: The Canine Cocomega Effect Jaron's Book Recommendation: Dune by Frank HerbertVisit www.UrbanFarm.org/YumWoof for the show notes and links on this episode! Need a little bit of advice or just a feedback on your design for your yard or garden?The Urban Farm Team is offering consults over the phone or zoom. Get the benefits of a personalized garden and yard space analysis without the cost of trip charges. You can chat with Greg, Janis or Ray to get permaculture based feedback.Click HERE to learn more!Become an Urban Farm Patron and listen to more than 850 episodes of the Urban Farm Podcast without ads. Click HERE to learn more.*Disclosure: Some of the links in our podcast show notes and blog posts are affiliate links and if you go through them to make a purchase, we will earn a nominal commission at no cost to you. We offer links to items recommended by our podcast guests and guest writers as a service to our audience and these items are not selected because of the commission we receive from your purchases. We know the decision is yours, and whether you decide to buy something is completely up to you.
Optimism introduces the SuperchainERC20 standard. EigenLayer activates AVS rewards on mainnet. Symbiotic goes live on devnet. And CoinCenter wins an appeal against an IRS Form 6050i reporting requirement. Read more: https://ethdaily.io/526 Sponsor: Firefly is a one-stop Web3 social aggregator developed by Mask Network. Use one feed to connect with all users across Twitter, Lens, Farcaster, and all Web3 socials. Try it today at firefly.social.
Tornado Cash is a decentralized cryptocurrency mixing service built on Ethereum. Its open-source protocol allows users to obscure the trail of their cryptocurrency transactions by pooling funds together, making it difficult to trace the origin and destination of any given transfer.In August 2022, the U.S. Treasury Department took the unprecedented step of sanctioning Tornado Cash, effectively criminalizing its use by American citizens and businesses. Authorities accused the service of facilitating money laundering, including processing hundreds of millions in stolen funds linked to North Korean hackers. In the wake of the sanctions, Tornado Cash's website was taken down, its GitHub repository removed, and one of its developers arrested in Amsterdam.The crackdown has sent shockwaves through the crypto and privacy advocacy communities. Proponents argue that Tornado Cash is a neutral tool, akin to VPNs or Tor, with many legitimate uses beyond illicit finance. They warn that banning a piece of code sets a dangerous precedent and undermines fundamental rights to privacy and free speech. On the other hand, regulators contend that mixers like Tornado Cash have become a haven for cybercriminals and rogue state actors, necessitating more aggressive enforcement.As the legal and political battle unfolds, Coin Center, a leading crypto policy think tank, has taken up the mantle of defending Tornado Cash and its users. Director of Research Peter Van Valkenburgh, who also serves as a board member for Zcash, joins The Dynamist today to walk through this crackdown and the implications for decentralized finance and open-source software today. Luke Hogg, director of policy and outreach, guest hosts this episode. You can read more from Peter on this issue here.
Matt and Nic return for another week of news and deals. In this episode: We recap the Coin Center annual dinner Will Biden follow through on his SAB121 veto threat? The Biden admin is reportedly reaching out to key industry figures Ethereum ETF prospects Recap of the fight that didn't happen Prediction market issues Gemini Earn recovery Sponsor notes Exploring the Impacts of ETH ETF Approvals In Coin Metrics' State of the Network issue 261, we explore the market reaction and network implications of ETH ETF approvals
Matt and Nic return for another week of news and deals. In this episode: Our plans for episode 500 Jamie Dimon thinks Satoshi might return and vanish the bitcoins or increase the 21m cap Howard Lutnick goes to bat for Tether Chevron doctrine is challenged in SCOTUS Dunking on Tether Truthers Coinbase vs SEC resumes Coinhares acquires Valkyrie The relationship between GBTC and spot BTC BTC ETF rankings after 4 days of trading Coin Center declines to answer Elizabeth Warren Morgan Stanley on stablecoins (and did they plagiarize?) Will restaking cause an ETH fork? Sponsor notes: A Short Guide to Bitcoin On-Chain Data for ETF Newcomers In Coin Metrics State of the Network Issue 242, we introduce or reacquaint some to the field of on-chain data, underscoring the properties that make bitcoin an intriguing asset
“The problem is it's this naked delegation of lawmaking authority to the unelected people within Treasury…you want them to have unconstrained power? Shouldn't we just go back to a world where bipartisan legislation in Congress is what is consequential and not just the whims of every next administration?”— Peter Van ValkenburghPeter Van Valkenburgh is director of research at Coin Center. In this interview, we discuss Coin Center's role in educating lawmakers, analysing policy proposals, and advocating for reasonable regulations. Peter talks about their current lawsuits against the US Treasury and IRS, challenging the misapplication of tax and sanctions regulations. We also cover the changing dynamics of political support for Bitcoin and the challenges posed by figures like Senator Elizabeth Warren. - - - - Coin Center has been at the forefront of cryptocurrency policy issues since it launched in 2014. Initially, their work was focused on educating lawmakers about Bitcoin and blockchain technology. They addressed concerns about money laundering, emphasised the importance of privacy and speech rights, and explained the technology's potential. However, over time, Coin Center's work has expanded to include policy research and analysis. The non-profit group now examines how existing laws apply to crypto, and they promote reasonable regulations that protect innovation and constitutional rights. They also engage in lobbying efforts, presenting Congress with preferred solutions to policy problems. When these efforts are unsuccessful, they resort to lawsuits. Currently, they have two lawsuits against the US Treasury and IRS, challenging tax regulations and sanctions that harm privacy rights.In this podcast, we discussed the split opinions regarding crypto in US politics. Peter explained that the narrative around digital assets has shifted, partly due to influential figures like Senator Elizabeth Warren taking an anti-crypto stance, and partly due to the reputation damage caused by various actors in the space. We also discussed the emerging regulatory threats such as the use of the Bank Secrecy Act to impose strict regulations on core infrastructure providers. All of this work obviously has to be paid for. While Coin Center is financially stable, donations are still crucial as there will be more lawsuits and lobbying efforts in the future: for example, Coin Center may raise a future lawsuit challenging legislation that classifies Bitcoin miners as regulated entities. And, you can sign up for Coin Center's newsletter to find out the other ways you can help them play a crucial role in shaping a robust future for digital assets.- - - - This episode's sponsors:Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is hereLedger - State of the art Bitcoin hardware walletWasabi Wallet - Privacy by defaultUnchained - Secure your bitcoin with confidenceOrange Pill App - Stack friends who stack satsSwan Bitcoin - Invest in Bitcoin with Swan-----WBD753 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
Peter Van Valkenburgh is director of research at Coin Center. In this interview, we discuss Coin Center's role in educating lawmakers, analysing policy proposals, and advocating for reasonable regulations. Peter talks about their current lawsuits against the US Treasury and IRS, challenging the misapplication of tax and sanctions regulations. We also cover the changing dynamics of political support for Bitcoin and the challenges posed by figures like Senator Elizabeth Warren. - - - - Coin Center has been at the forefront of cryptocurrency policy issues since it launched in 2014. Initially, their work was focused on educating lawmakers about Bitcoin and blockchain technology. They addressed concerns about money laundering, emphasised the importance of privacy and speech rights, and explained the technology's potential. However, over time, Coin Center's work has expanded to include policy research and analysis. The non-profit group now examines how existing laws apply to crypto, and they promote reasonable regulations that protect innovation and constitutional rights. They also engage in lobbying efforts, presenting Congress with preferred solutions to policy problems. When these efforts are unsuccessful, they resort to lawsuits. Currently, they have two lawsuits against the US Treasury and IRS, challenging tax regulations and sanctions that harm privacy rights. In this podcast, we discussed the split opinions regarding crypto in US politics. Peter explained that the narrative around digital assets has shifted, partly due to influential figures like Senator Elizabeth Warren taking an anti-crypto stance, and partly due to the reputation damage caused by various actors in the space. We also discussed the emerging regulatory threats such as the use of the Bank Secrecy Act to impose strict regulations on core infrastructure providers. All of this work obviously has to be paid for. While Coin Center is financially stable, donations are still crucial as there will be more lawsuits and lobbying efforts in the future: for example, Coin Center may raise a future lawsuit challenging legislation that classifies Bitcoin miners as regulated entities. And, you can sign up for Coin Center's newsletter to find out the other ways you can help them play a crucial role in shaping a robust future for digital assets. - Show notes: https://www.whatbitcoindid.com/podcast/the-unconstitutional-attack-on-privacy-with-peter-van-valkenburgh This episode's sponsors: Iris Energy - Bitcoin Mining. Done Sustainably Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence OrangePillApp - Stack Friends Who Stack Sats SwanBitcoin - Invest in Bitcoin with Swan
Alex talks with CoinCenter's Director of Research Peter Van Valkenburgh about the Digital Asset Anti-Money Laundering Act and other issues regarding privacy and crypto. Alex also talks with Beimnet Abebe (Galaxy Trading) about markets and macro. This episode was recorded on Wednesday, December 13, 2023. ++ Follow us on Twitter, @glxyresearch, and read our research at www.galaxy.com/research/ to learn more! This podcast, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates (“Galaxy Digital”) solely for informational purposes. View the full disclaimer at www.galaxy.com/disclaimer-galaxy-brains-podcast/
Nic and Matt return for news and deals. In this episode: CZ must stay in the US until sentencing The SEC is looking into Binance US In kind versus cash creations for ETFs The Major Questions Doctrine FDIC scandal keeps rumbling Is there a world where GBTC doesn't get converted? Elizabeth Warren versus Subway Content mentioned in this episode: Austin Campbell tweet on Treasury letter Coin Center blog on Treasury letter Fortune, Gary Gensler has remade the SEC into a crypto nemesis and climate warrior. Now a backlash is brewing Sponsor notes: Coin Metrics STATE OF THE NETWORK—Dollar-Cost Averaging Portfolio In Coin Metrics State of the Network Issue 235, we delve into the dollar-cost averaging strategy in the digital asset market, emphasizing the need for informed investment choices
Pre-Show Mempool Observer seems to have caught bitcoin mining pool F2pool not mining OFAC sanctioned bitcoin addresses (https://b10c.me/observations/08-missing-sanctioned-transactions/) The SEC thinks polygon and solana are securities (https://web3isgoinggreat.com/single/kraken-sued-by-us-sec) but this is likely insurance against losing an identical lawsuit against Coinbase News Binance's CEO CZ will plead guilty (https://archive.ph/gp2uM) to U.S. money laundering charges, and the exchange will pay a $4.3bn fine to settle some US allegations of ciminality (https://www.coindesk.com/consensus-magazine/2023/11/21/binances-cz-and-the-end-of-the-borderless-crypto-company/?utm_medium=referral&utm_source=rss&utm_campaign=headlines) though SEC and CTFC lawsuits are still pending Bitrex, another non-US crypto exchange, is shutting down (https://www.theblock.co/post/263875/bittrex-global-to-wind-down-operations-urges-customers-to-withdraw-funds) Dec 4th Bhutan's bitcoin mining operation has been identified by Forbes (https://archive.ph/6yDSk) Wallet of Satoshi, a popular custodial bitcoin lightning wallet, is removing its app from US app stores (https://twitter.com/walletofsatoshi/status/1727937085741678679), as it is a not compliant with US regulations around financial custody Apple Deactivates Zeus Developer Account Following Antitrust Lawsuit by Cash App & Venmo Users (https://www.nobsbitcoin.com/apple-deactivates-zeus-developer-account/) EVAN KALOUDIS on X (https://twitter.com/evankaloudis/status/1727336468920864844) "Apparently, if you get cited in someone else's anti-trust lawsuit, Apple will deactivate your developer account without notice. Economics The Monetary Gates Are Open - Lyn Alden (https://www.lynalden.com/november-2023-newsletter/) the killer app for this technology is money: savings and payments. Bitcoin is a powerful innovation with long-term potential. Stablecoins have been a powerful bridging tool as well. Argentina's new president is a symptom of this trend towards dollarization and stablecoins are popular (https://cointelegraph.com/news/stablecoins-remain-indispensable-argentina-under-new-president-ripio-ceo) in Argential Is bitcoin entering it's epoch of diminishing returns (https://ecoinometrics.substack.com/p/bitcoin-is-falling-behind-on-the)? I guess we'll find out soon Privacy Cloudflare seems to be filtering for OFAC listed etherium addresses (https://torrentfreak.com/cloudflare-blocks-abusive-content-on-its-ethereum-gateway-231121/) via its Etherium gateway service Coincenter, a crypto lobbying group, asks is the U.S. Bank Secrecy Act constitutional? (https://www.coincenter.org/its-time-to-have-the-conversation-is-the-bank-secrecy-act-unconstitutional/) obviously not but that doesn't matter Altcoins Bitcoin Education Bitcoin Optech covers lightning offer addresses (https://bitcoinops.org/en/newsletters/2023/11/22/) Feedback Remember to get in touch bitcoindadpod@protonmail.com or @bitcoindadpod (https://mobile.twitter.com/bitcoindadpod) on twitter Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started), details here (https://www.jupiterbroadcasting.com/community/matrix/) Thank you Boosters If you get some value from this show, please consider sending a boost. Hearing from you means a lot to us! Send a Boost via the Podcast Index web page. No Podcast app upgrade required. Install Alby (https://getalby.com/) Find the Bitcoin Dad Pod on the Podcast Index (https://podcastindex.org/podcast/5049889) Boost right from the page! Send a re-ocurring or one-off lightning boost to the show with no message at bdadpod@getalby.com or directly to Chris at chrislas@getalby.com Value for Value Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/) Recomended Podcasting2.0 apps: Fountain (https://www.fountain.fm/) podcast app (Android) Podverse (https://podverse.fm/) (Cross platform and self hostable) + Alby (https://getalby.com/) for boosts Castamatic (https://apps.apple.com/us/app/castamatic-podcast-player/id966632553) (Apple) Sponsors and Acknowledgements Music by Lesfm from Pixabay Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)
A reading of a new essay and legal exploration from CoinCenter https://www.coincenter.org/its-time-to-have-the-conversation-is-the-bank-secrecy-act-unconstitutional/ Today's Sponsor: Kraken Kraken: See what crypto can be - https://kraken.com/TheBreakdown Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW
In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains. Additionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: What the IRS's proposed broker rule entails for crypto tax reporting and why this could have a negative impact on the industry What responsibilities brokers in the crypto space now face Why the IRS didn't use Congress's amended language from the infrastructure bill Why Peter argues that the IRS's new proposed broker rule on crypto is unconstitutional and the principles at stake The alternative approaches Peter suggests the IRS could adopt for more effective and fair regulation Why Peter has concerns for crypto developers about the potential application of the Bank Secrecy Act What actions Coin Center is undertaking to advocate for changes in the Bank Secrecy Act to better align with crypto realities Why Coin Center is appealing in its lawsuit against the Treasury Department over the OFAC sanctions on Tornado Cash Thank you to our sponsors! Arbitrum Foundation Popcorn Network Guest Peter Van Valkenburgh, director of research at Coin Center Previous appearances on Unchained: Why the SEC Is Probing Yuga Labs and Coin Center Is Suing Treasury How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law Why the SEC's Proposed Rules Affecting DeFi Could Violate the First Amendment Links IRS Crypto Regulation Coin Center: Electronic Cash, Decentralized Exchange, and the Constitution The Blockchain Association's letter opposing tax regulations proposed by the IRS CoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule Patriot Act California Bankers Assn. v. Shultz Bank Secrecy Act Coin Center: Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act Tornado Cash Coin Center: U.S. Treasury sanction of privacy tools places sweeping restrictions on all Americans Coin Center is suing OFAC over its Tornado Cash sanction Denial of Coin Center's motion in its case against the US Treasury over OFAC sanctions Learn more about your ad choices. Visit megaphone.fm/adchoices
Coin Center's Peter Van Valkenburgh believes that the U.S. Treasury could use the Bank Secrecy Act in a dark way against crypto developers. In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains. Additionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.Show highlights | What does the IRS's proposed broker rule entail for crypto tax reporting and why this could have a negative impact on the industryWhat responsibilities do brokers in the crypto space now faceWhy the IRS didn't use Congress's amended language from the infrastructure billWhy Peter argues that the IRS's new proposed broker rule on crypto is unconstitutional and the principles at stakeThe alternative approaches Peter suggests the IRS could adopt for more effective and fair regulationWhy Peter has concerns for crypto developers about the potential application of the Bank Secrecy ActWhat actions Coin Center is undertaking to advocate for changes in the Bank Secrecy Act to better align with crypto realitiesWhy Coin Center is appealing in its lawsuit against the Treasury Department over the OFAC sanctions on Tornado CashThank you to our sponsors! Arbitrum Foundation Popcorn NetworkGuest | Peter Van Valkenburgh, director of research at Coin CenterPrevious appearances on Unchained: Why the SEC Is Probing Yuga Labs and Coin Center Is Suing TreasuryHow Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency LawWhy the SEC's Proposed Rules Affecting DeFi Could Violate the First AmendmentLinks | IRS Crypto RegulationCoin Center: Report Electronic Cash, Decentralized Exchange, and the ConstitutionThe Blockchain Association's letter opposing tax regulations proposed by the IRSCoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker RulePatriot Act California Bankers Assn. v. ShultzBank Secrecy ActCoin Center:Report Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy ActTornado CashCoin Center:U.S. Treasury sanction of privacy tools places sweeping restrictions on all AmericansCoin Center is suing OFAC over its Tornado Cash sanctionDenial of Coin Center's motion in its case against the US Treasury over OFAC sanctions-Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Pre-Show Main stream financial blogger Rich Dad Poor Dad views bitcoin as a hedge against Central Bank Risk (https://bitcoinmagazine.com/markets/rich-dad-poor-dad-kiyosaki-next-stop-for-bitcoin-price-130000) Actually Kiyosaki is quite shady (https://slate.com/business/2016/02/robert-kiyosaki-s-ongoing-legal-dispute-says-everything-about-the-shadiness-of-personal-finance-gurus.html) despite his financial success, typical bitcoin tout amiright? Economics The US Social Security Trust Fund is still drawing down (https://wolfstreet.com/2023/10/23/social-security-update-trust-fund-income-outgo-and-deficit-in-fiscal-2023/) which may affect US Treasury Market liquidity as the world enters a decade of Fiscal Dominance (https://research.stlouisfed.org/publications/review/2023/06/02/fiscal-dominance-and-the-return-of-zero-interest-bank-reserve-requirements) The latest FED working paper (https://files.stlouisfed.org/files/htdocs/publications/review/2023/10/02/fiscal-dominance-and-the-return-of-zero-interest-bank-reserve-requirements.pdf) on fiscal dominance identifies the banking sector as the future warehouse of large US debt issuances Privacy FinCen is coming for coinjoin on bitcoin (https://protos.com/bitcoins-coinjoin-services-threatened-by-new-fincen-rules/) a year after sanctioning privacy on Etherium via the Tornado Cash blacklist Request for comment coincides with Elizabeth Warren's latest hyperbolic attack on crypto (https://www.wsj.com/articles/cryptocurrency-feeds-hamass-terrorism-e0db54f5) and misrepresentation of the role of digital currency in funding Hamas Good analysis of the story from shinobi (https://bitcoinmagazine.com/legal/fincen-proposes-insane-special-measures) Coin Center, a crypto advocacy group, filed a motion to halt (PDF WARNING) (https://www.coincenter.org/app/uploads/2023/10/As-Filed-Coin-Center-Amicus-Brief.pdf) the US tax authority's John Doe Summons (https://www.reuters.com/legal/government/crypto-trader-can-sue-irs-over-john-doe-summons-coinbase-records-1st-circ-2022-08-19/) against crypto exchanges that suck up personal financial information Altcoins Is there an alternative to 'layered scaling' when it come to increasing blockchain throughput? Galaxy would like you to think so (https://www.galaxy.com/insights/research/making-sense-of-blockchain-modularity/). Bitcoin Education Optech #274 focuses on the lightning HTLC recycling attack (https://bitcoinops.org/en/newsletters/2023/10/25/) and mitigations that can't fully address the protocol level vulnerability It brings to mind the recent HTTP/2 Rapid Reset attack, the vulnerability is at the protocol level (https://www.cisa.gov/news-events/alerts/2023/10/10/http2-rapid-reset-vulnerability-cve-2023-44487), there's no 'fix', only mitigation Feedback Remember to get in touch bitcoindadpod@protonmail.com or @bitcoindadpod (https://mobile.twitter.com/bitcoindadpod) on twitter Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started), details here (https://www.jupiterbroadcasting.com/community/matrix/) Boosts From: Withers Hey guys, I've really been enjoying the show. I guess Jupiter Broadcasting wasn't sending me down enough rabbit holes, so now I have bitcoin! Do either of you use metal plates to save your seed phrases? Any suggestions? Check out https://jlopp.github.io/metal-bitcoin-storage-reviews/ From: Hal was right Dhruv Bansal has a three part article on what bitcoin would look like if expanded to the entire solar system. Highly recommended! https://unchained.com/blog/law-of-hash-horizons/ Thank you Boosters If you get some value from this show, please consider sending a boost. Hearing from you means a lot to us! Send a Boost via the Podcast Index web page. No Podcast app upgrade required. Install Alby (https://getalby.com/) Find the Bitcoin Dad Pod on the Podcast Index (https://podcastindex.org/podcast/5049889) Boost right from the page! Send a re-ocurring or one-off lightning boost to the show with no message at bdadpod@getalby.com or directly to Chris at chrislas@getalby.com Value for Value Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/) Recomended Podcasting2.0 apps: Fountain (https://www.fountain.fm/) podcast app (Android) Podverse (https://podverse.fm/) (Cross platform and self hostable) + Alby (https://getalby.com/) for boosts Castamatic (https://apps.apple.com/us/app/castamatic-podcast-player/id966632553) (Apple) Sponsors and Acknowledgements Music by Lesfm from Pixabay Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)
Pre-Show So, That's the End of Bitcoin Then (https://www.forbes.com/sites/timworstall/2011/06/20/so-thats-the-end-of-bitcoin-then/?sh=2f7e86705d71), pack it up everyone, let's go home 14 years ago “Bitcoin Is Dead” - The #1 Database of Notable Bitcoin Skeptics (https://buybitcoinworldwide.com/bitcoin-is-dead/) News Economics The discussion around the Federal Reserve raising their inflation target to 3% (https://archive.li/VehhJ) assumes many things: Strong relationship between FFs and Inflation Philips curve relationship between Employment and Inflation These are not small assumptions! Six AI Themes to Consider - Lyn Alden (https://www.lynalden.com/august-2023-newsletter/) discusses expectations around AI and bitcoin in the context of scarce assets in a world of increasing money supply Privacy Southern District of New York | Tornado Cash Founders Charged With Money Laundering And Sanctions Violations | United States Department of Justice (https://archive.ph/1vpkB#selection-2497.186-2497.487) Accusation seems to be based more on activities surrounding the TC protocol, not necessarily the actual software development Roman Storm and Roman Semenov allegedly operated Tornado Cash and knowingly facilitated this money laundering. While publicly claiming to offer a technically sophisticated privacy service, Storm and Semenov in fact knew that they were helping hackers and fraudsters conceal the fruits of their crimes Coin center alleges that the Tornado Cash indictments run counter to FinCEN guidance (https://www.coincenter.org/new-tornado-cash-indictments-seem-to-run-counter-to-fincen-guidance/) The allegations include that the defendants: (a) paid for web hosting services for a user interface that allowed users to send transaction messages to the underlying smart contracts (https://www.coincenter.org/education/key-concepts/smart-contracts/), (b) paid for a software repository (Github) where smart contract and user interface software and documentation was hosted, and (c) had (for a time before May 2020) “complete control” over the Tornado Cash (https://www.coincenter.org/education/advanced-topics/how-does-tornado-cash-work/) smart contracts. Altcoins Prime Trust Crypto Custodian Lost $8M in Doomed Terra-LUNA Stablecoin Investment, CEO Says (https://www.coindesk.com/policy/2023/08/25/prime-trust-lost-8m-in-doomed-terra-stablecoin-investment-ceo-says/) Bitcoin Education Let's talk chainstate size (https://twitter.com/openoms/status/1694066634355327381) vs blockchain size and how that is an technical important scaling limit Latest bitcoin optech #263 (https://bitcoinops.org/en/newsletters/2023/08/23/) is all about software updates Feedback Remember to get in touch bitcoindadpod@protonmail.com or @bitcoindadpod (https://mobile.twitter.com/bitcoindadpod) on twitter Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started), details here (https://www.jupiterbroadcasting.com/community/matrix/) Thank you Boosters If you get some value from this show, please consider sending a boost. Hearing from you means a lot to us! Send a Boost via the Podcast Index web page. No Podcast app upgrade required. Install Alby (https://getalby.com/) Find the Bitcoin Dad Pod on the Podcast Index (https://podcastindex.org/podcasht/5049889) Boost right from the page! Send a re-ocurring or one-off lightning boost to the show with no message at bdadpod@getalby.com or directly to Chris at chrislas@getalby.com Value for Value Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/) Recomended Podcasting2.0 apps: Fountain (https://www.fountain.fm/) podcast app (Android) Podverse (https://podverse.fm/) (Cross platform and self hostable) + Alby (https://getalby.com/) for boosts Castamatic (https://apps.apple.com/us/app/castamatic-podcast-player/id966632553) (Apple) Sponsors and Acknowledgements Music by Lesfm from Pixabay Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)
The Daily Gwei Refuel gives you a recap every week day on everything that happened in the Ethereum and crypto ecosystems over the previous 24 hours - hosted by Anthony Sassano. Timestamps and links to topics discussed: https://daily-gwei-links.vercel.app/recent 00:00 Introductory song 00:09 Anthony on the benefits of local meet-ups https://twitter.com/sassal0x/status/1694925077371093016 04:01 Tornado Cash (TC) devs arrested https://twitter.com/TheBlock__/status/1694409066926203284 05:15 Coincenter on TC action running contrary '19 FinCen guidance https://twitter.com/valkenburgh/status/1694465618022424957 https://twitter.com/NeerajKA/status/1694474067678822410 06:39 Thread unpacking charges against TC devs https://twitter.com/sethforprivacy/status/1694434777611325805 07:45 TC dev's legal representation https://twitter.com/brianeklein/status/1694779420731658700 11:29 Proof of Validator for Ethereum DHT (privacy) https://twitter.com/asn_d6/status/1694383499392794685 12:49 KZG Ceremony closes, blowing past est. contributions https://twitter.com/CarlBeek/status/1694566774375698789 15:03 Base's decentralization plans with Optimism https://twitter.com/jessepollak/status/1694764334184804447 18:39 Circle announce native USDC issuance on 6 morechains https://twitter.com/TheBlock__/status/1694353487016997207 20:47 The role of L2 RUs & Chainlink in scaling Ethereum https://twitter.com/chainlink/status/1694418476738224467 23:30 The Relentless Rise of Stablecoins https://twitter.com/TheChicagoVC/status/1694001412919971848 27:21 Gitcoin Grants update https://twitter.com/owocki/status/1694713966830956963 28:54 Market sentiment talk This episode is also available on YouTube: https://youtu.be/zRWmpN_nU2M Subscribe to the newsletter: https://thedailygwei.substack.com/ Subscribe on YouTube: https://www.youtube.com/channel/UCvCp6vKY5jDr87htKH6hgDA/ Follow Anthony on Twitter: https://twitter.com/sassal0x Follow The Daily Gwei on Twitter: https://twitter.com/thedailygwei Join the Discord Channel: https://discord.gg/4pfUJsENcg DISCLAIMER: All information presented across all of The Daily Gwei's communication channels is strictly for educational purposes and should not be taken as investment advice.
Today's blockchain and cryptocurrency news Bitcoin is up slightly at $25,947 Eth is up slightly at $1,643 BNB is up slightly at $214 FBI Issues warning over $40M in connection to Lazarus hacking group. Former OpenSea Exec Nate Chastain gets 3 months for insider trading. Coin Center lobbies congress over taxation Maple Finance raises $5M. MoonPay brings solution to Binance.US Learn more about your ad choices. Visit megaphone.fm/adchoices
Pre-Show The FTX Foundation planned to buy the island of Naru (https://twitter.com/0x_tracy/status/1682341544009801728?s=12&t=E9EIlRX-vHxbQ8g23lQU3A) to build a supervillain's lair A bitmex blog post discusses Gary Gensler's history (https://blog.bitmex.com/genslers-done-it-all-before/) as CFTC comissioner during alleged gold price manipulation that turned out to be justified (https://www.cftc.gov/PressRoom/PressReleases/8260-20) News Crosseus, a bitcoin institutional investor, reminds us that the stock to flow model still exists (https://www.onceinaspecies.com/p/stock-to-flow-reality) and might be direcitonally correct, of course its mathematically ridiculous (https://bitcoinmagazine.com/markets/why-bitcoin-stock-to-flow-is-not-useful) Regulatory arbitrage for crypto businesses is no walk in the park after Kuwait bans bitcoin (https://archive.ph/ISf9t) Economics Is the US Government relying less on foreign financing of deficit spending (https://wolfstreet.com/2023/07/19/time-to-look-at-foreign-demand-for-the-incredibly-ballooning-us-national-debt/) or is the rest of the world not able to consume the current massive issueances of treasuries? Altcoins The XRP legal ruling is a bit more complicated (https://podcasts.apple.com/us/podcast/analysis-of-sec-vs-ripple/id1521896742?i=1000621436122) than we thought, a great conversation from Coin Center Bitcoin Education A Bitcoin Talk describes how miners find valid blocks (https://bitcointalk.org/index.php?topic=9438.msg136344#msg136344) really well Bitcoin Optech #260 features the last waiting for confirmation (https://bitcoinops.org/en/newsletters/2023/07/19/) segment from Gloria Zhao and Merch Feedback Remember to get in touch bitcoindadpod@protonmail.com or @bitcoindadpod (https://mobile.twitter.com/bitcoindadpod) on twitter Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started), details here (https://www.jupiterbroadcasting.com/community/matrix/) Thank you Boosters If you get some value from this show, please consider sending a boost. Hearing from you means a lot to us! Send a Boost via the Podcast Index web page. No Podcast app upgrade required. Install Alby (https://getalby.com/) Find the Bitcoin Dad Pod on the Podcast Index (https://podcastindex.org/podcast/5049889) Boost right from the page! Send a re-ocurring or one-off lightning boost to the show with no message at bdadpod@getalby.com or directly to Chris at chrislas@getalby.com Value for Value Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/) Recomended Podcasting2.0 apps: Fountain (https://www.fountain.fm/) podcast app (Android) Podverse (https://podverse.fm/) (Cross platform and self hostable) + Alby (https://getalby.com/) for boosts Castamatic (https://apps.apple.com/us/app/castamatic-podcast-player/id966632553) (Apple) Sponsors and Acknowledgements Music by Lesfm from Pixabay Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)
In this episode of Tangents, Peter and Jerry discuss the recent decision in the SEC v. Ripple case. They explain that the decision follows the same interpretation of the securities laws that Coin Center has longe advocated, namely that commodity tokens can be the subject of securities offerings without being securities themselves. Jerry and Peter also address misreadings of the opinion that have led some to conclude that it implies that sophisticated investors will get protection of the securities laws while retail participants will not. Finally, they discuss one issue they have with the judgment.
Matt and Nic return for another week of news and deals. In this episode: What's the deal with south shore bar pie? We review Consensus in Austin Nic's 2022 Coin Center dinner incident Nic's gas siphoning incident First Republic appears heading for collapse Why was First Republic given time to save itself but not Signature? Block partners with Yellowcard for cross-border African payments Open Exchange's purported investors deny investing in the business Coinbase is setting up operations in Bermuda Coinbase is suing the SEC for clarity Hong Kong embraces banking for crypto firms NYDFS Superintendent Harris denies that crypto caused the Signature collapse The Biden admin is backpedaling on whether crypto contributed to the banking crisis House Republicans probe financial regulators for info on de-banking of crypto The FBI has searched the home of FTX's Ryan Salame We reminisce on FTX' Crypto Bahamas conference Why is flare gas mining better than the alternative? Nic's music royalties situation Nic resolves his differences with the Bitcoin 2023 conference Content mentioned: The Hong Kong Monetary Authority, Embracing new opportunities and accessing banking services Letter from Reps Hill, Huizenga, and McHenry to key financial regulators TVP, The Emerging Bitcoin-Native Venture Capital Landscape Sponsor notes: Coin Metrics presents State of the Network Foundations: Blockchain Addresses: This week's State of the Network kicked off the new Foundations series, which looks to present various technical aspects of blockchain technology in an approachable way. In the first report, Coin Metrics breaks down the concept of an 'address,' the fundamental unit of identity in the world of crypto.
Are you missing out on Alpha?!? Join the Mission: DeFi community: https://t.me/missiondefi Coinbase filed a narrow action in the U.S. Circuit Court to compel the SEC to respond “yes or no” to a rulemaking petition https://md1.to/h7a8s Binance Sensei AI Chatbot. https://md1.to/95krb Bridge Volume - DefiLlama https://defillama.com/bridges Arbitrum Overtakes Ethereum in Daily Transactions https://md1.to/ev45y One Billion Users will Flood Crypto Markets this Cycle, Says Former Goldman Sachs Exec https://md1.to/mw3zb S&P Global Puts Decentralized Finance at the Forefront https://md1.to/7nc2p CoinCenter - Comments to the Securities Exchange Commission on Amendments Regarding the Definition of ‘Exchange' and Alternative Trading Systems https://md1.to/5d3ey Waves founder Ivanov is a nut job — ‘I'll find you if I want to' – DL News https://md1.to/obrti Joe Cawley and Brad Nickel cover the DeFi news of the day, new opportunities in the space including liquidity pools, yield farming, staking, and much more. This is not financial advice. Nothing said on the show should be considered financial advice. This is just the opinions of Brad Nickel, Joe Cawley, and our guests. None of us are financial advisors. Trading, participating, yield farming, liquidity pools, and all of DeFi and crypto is high risk and dangerous. If you decide to participate, do your own research. Never count on the research of others. We don't know what we are talking about and you can lose all your money. Never invest more than you can afford to lose, because you probably will lose it all. --- Support this podcast: https://podcasters.spotify.com/pod/show/missiondefi/support
Peter Van Valkenburgh is the Director of Research at Coin Center. With a diverse background in law, economics, and technology, Peter has dedicated his career to examining the interplay between policy and cryptocurrencies with the goal of fostering a regulatory environment that encourages innovation and safeguards individual rights. Coin Center's mission is to champion the rights of individuals to create and utilize free and open cryptocurrency networks, while upholding the rights to write and publish code form peer-to-peer networks and maintain privacy. To realize its objectives, Coin Center conducts and disseminates policy research, educates policy makers and the media about cryptocurrencies, advocates for well-informed public policy, and participates in litigation to protect digital civil liberties. By nurturing a regulatory atmosphere that supports innovation and personal freedoms, Coin Center plays a pivotal role in shaping the future of blockchain and cryptocurrency. EPISODE LINKS Peter's LinkedIn: https://www.linkedin.com/in/valkenburgh/ Peter's Twitter: https://twitter.com/valkenburgh Coin Center website: https://www.coincenter.org/ Coin Center on LinkedIn: https://www.linkedin.com/company/coin-center/ Coin Center on Twitter: https://twitter.com/coincenter PODCAST INFO Podcast website: https://podcast.pgpforcrypto.org Apple Podcasts: https://podcasts.apple.com/us/podcast/pgp*-pretty-good-policy-for-crypto-podcast/id1669504720 RSS: https://feed.pod.co/pgp-for-crypto-podcast HOST INFO Gary Weinstein's Twitter: https://twitter.com/Gary_Weinstein_ Gary Weinstein's LinkedIn: https://www.linkedin.com/in/garyweinstein/ Paul Brigner's Twitter: https://twitter.com/paulbrigner Paul Brigner's LinkedIn: https://www.linkedin.com/in/paulbrigner/ Electric Coin Co. Website: https://electriccoin.co Electric Coin Co. Twitter: https://twitter.com/ElectricCoinCo TIMESTAMPS 00:00 Welcome 01:14 Introduction 03:43 Coin Center: Mission, Education, Research, and Advocacy for Cryptocurrencies 09:24 Journey to Coin Center and a Passion for Technology Law 15:31 The Importance of Electronic Cash and Decentralized Exchanges in Protecting Constitutional Rights 25:37 Dangers of Eliminating Cash and the Impact on Privacy and Individual Rights 28:31 AI, Blockchain, and the Future of Privacy in Electronic Transactions 33:48 The Perils of Aggregating and Weaponizing Personal Information 37:38 The Importance of Advancing Cryptography and Preserving Privacy Rights 43:00 Coin Center's Lawsuits and Defending Privacy Rights in the Cryptocurrency Space 52:25 The Connection Between Software and Speech in the Tornado Cash Case 57:45 Coin Center's Impact on Privacy, Free Speech, and Decentralization if Successful Against OFAC 01:01:45 Balancing Technology Advancements and Educating Policy Makers on Crypto and AI 01:07:31 Promoting Encryption and Privacy in Policy Making and Upholding Constitutional Rights 01:17:21 The Future of Encryption and Privacy Cases in the US Court System 01:22:37 Defending Freedom, Privacy, and Innovation in the US and Europe 01:26:41 Central Bank Digital Currencies: Pros, Cons, and Complexities DISCLAIMER Please be advised that the information provided in this podcast is for informational and educational purposes only and is not to be taken as legal or financial advice. The opinions and views expressed by our guests are their own and may not reflect the official stance of the organizations they represent or those of Electric Coin Co. Always consult a legal or financial professional before making any decisions.
Cobie & Ledger are joined by Rebecca (Chief Legal and Policy at Aave) and Peter (Director of Research at Coin Center) discuss the regulatory landscape in the wake of the FTX failure.
But not enough to stop lawsuits, says Coin Center. This episode is sponsored by Nexo.io and Circle.On this edition of the “Weekly Recap,” NLW looks at some small but potentially significant shifts to the Office of Foreign Assets Control's sanctions against Tornado Cash, the Securities and Exchange Commission's victory over LBRY and more. -Nexo Pro allows you to trade on the spot and futures markets with a 50% discount on fees. You always get the best possible prices from all the available liquidity sources and can earn interest or borrow funds as you wait for your next trade. Get started today on pro.nexo.io.-Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today's show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle's USDC Hub for Businesses.-“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today's editing by Eleanor Pahl and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “War” by Enoch Yang. Image credit: Staff/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Peter Van Valkenburgh, director of research at Coin Center, comes to talk about the SEC probe into Yuga Labs, how to determine whether something is a security, and Coin Center's lawsuit against the US Treasury over the sanctions on Tornado Cash. Peter Van Valkenburgh, director of research at Coin Center, comes to talk about the SEC probe into Yuga Labs, how to determine whether something is a security, and Coin Center's lawsuit against the US Treasury over the sanctions on Tornado Cash. Show highlights: whether there's an over-reliance on the Howey Test and how a token being non-fungible doesn't mean it's not a security what constitutes an investment contract and how it works in the Metaverse the consequences for NFT holders and issuers if the NFTs are considered securities why Coin Center is suing the US Treasury over the Tornado Cash sanctions Who the plaintiffs are whether this lawsuit differs from the one Coinbase is supporting how to solve the issue of bad actors like North Korea using tools such as Tornado Cash to launder money the remedy Coin Center is looking for in the lawsuit against the Treasury how long the lawsuit could take to be resolved Thank you to our sponsors! Crypto.com Peter Twitter SEC probe into Yuga Labs Unchained article CrypTones thread on land sales Coin Center lawsuit over Tornado Cash sanctions Coin Center lawsuit and statement Unchained article Coinbase Backs Tornado Cash Lawsuit Against U.S. Treasury North Korean hacks Treasury Press release on the sanctions Previous coverage of the Tornado Cash sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
Peter Van Valkenburgh, director of research at Coin Center, comes to talk about the SEC probe into Yuga Labs, how to determine whether something is a security, and Coin Center's lawsuit against the US Treasury over the sanctions on Tornado Cash. Show highlights: whether there's an over-reliance on the Howey Test and how a token being non-fungible doesn't mean it's not a security what constitutes an investment contract and how it works in the Metaverse the consequences for NFT holders and issuers if the NFTs are considered securities why Coin Center is suing the US Treasury over the Tornado Cash sanctions Who the plaintiffs are whether this lawsuit differs from the one Coinbase is supporting how to solve the issue of bad actors like North Korea using tools such as Tornado Cash to launder money the remedy Coin Center is looking for in the lawsuit against the Treasury how long the lawsuit could take to be resolved Thank you to our sponsors! Crypto.com Peter Twitter SEC probe into Yuga Labs Unchained article CrypTones thread on land sales Coin Center lawsuit over Tornado Cash sanctions Coin Center lawsuit and statement Unchained article Coinbase Backs Tornado Cash Lawsuit Against U.S. Treasury North Korean hacks Treasury Press release on the sanctions Previous coverage of the Tornado Cash sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury
Matt and Nic are back for another week of deals and news. In this episode: What is XEN and why is it driving up ETH fees? Bittrex settles with OFAC SEC is investigating Yuga labs Mango and Binance Smart Chain are hacked The FASB settles on fair value accounting for cryptoassets Warren writes a letter to Texas about mining Coin Center is suing OFAC Sponsor notes: Talos powers institutional access to the entire digital assets ecosystem via a single-point of entry. Connect directly to your preferred prime brokers, lenders, investors, custodians, exchanges, OTC desks and more, or meet them on Talos. Get started at Talos.com Subscribe to the Coin Metrics State of the Network newsletter
Today's blockchain and cryptocurrency news Bitcoin is up .5% at $18,760 Ethereum is up slightly at $1243 Binance Coin is up .5% at $262 Crypto .com picks Paris as European HQ. Coin Center sues Treasury Department over Tornado Cash sanctions Copper picks up 196M in Series C Eclipse picks up 15M in funding. Phishers of Bored Apes indicted in Paris. Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode, Anna (https://twitter.com/annarrose) explores the topic of the recent OFAC sanctions against Tornado Cash with 2 interviews: One is with TuongVy Le (https://twitter.com/TuongvyLe12), Head of Regulatory and Policy at Bain Capital Crypto (https://twitter.com/baincapcrypto), who previously worked at the SEC and the other is with Michael Mosier (https://twitter.com/M_Mosier_), General Council at Espresso Systems (https://twitter.com/EspressoSys), who used to work at the Treasury, within FinCen and at OFAC itself. For some context: On August 8th 2022, OFAC, a US government department issued sanctions against Tornado Cash, a privacy protocol that uses zero knowledge proofs to provide on-chain privacy. It was the first time that OFAC had sanctioned a set of smart contracts and a decentralized entity for which there's no clear ownership. This is an event which has had a ripple effect throughout the zk ecosystem and will be the topic explored in a series with different members of the community. In these two initial interviews, Anna explores what actually happened legally, what a sanction is, what kind of a tool is this, why it may have been issued and what problem arose from the way it was issued and how this might impact future understanding of zero knowledge tech through a legal lens. _NOTE: Since our recording OFAC has released an FAQ to clarify some of the legal questions raised in our interviews: https://home.treasury.gov/taxonomy/term/1546 _ Here are some additional links for this episode: * Episode 111: Mixers with Tornado.cash (https://zeroknowledge.fm/111-2/) * Episode 166: Coin Center's Peter Van Valkenburgh on regulation (https://zeroknowledge.fm/166-2/) * Episode 191: ZKPs & the Dichotomy of Privacy vs Transparency with Josh & Jill (https://zeroknowledge.fm/191-2/) * Chainanalysis: Crypto Mixer Usage Reaches All-time Highs in 2022, With Nation State Actors and Cybercriminals Contributing Significant Volume (https://blog.chainalysis.com/reports/crypto-mixer-criminal-volume-2022/) * Circle and Coinbase Restrict Movement of USDC Funds From Tornado Cash Addresses Following Sanctions (https://crypto.news/circle-and-coinbase-restrict-movement-of-usdc-funds-from-tornado-cash-addresses-following-sanctions/) * Rep. Emmer demands an explanation of OFAC's Tornado Cash sanction from Sec. Yellen (https://cointelegraph.com/news/rep-emmer-demands-an-explanation-of-ofac-s-tornado-cash-sanction-from-sec-yellen) * What is OFAC? (https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information) * OFAC Press Release on Tornado Cash (https://home.treasury.gov/news/press-releases/jy0916) * OFAC Identifies Associated Digital Currency Addresses for the First Time (https://home.treasury.gov/news/press-releases/sm556) * Treasury Sanctions Russia-Based Hydra (https://home.treasury.gov/news/press-releases/jy0701) * Blender.io Sanctions (https://home.treasury.gov/news/press-releases/jy0768#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,laundering%20of%20stolen%20virtual%20currency.) * The Bank Secrecy Act (https://www.fincen.gov/resources/statutes-and-regulations/bank-secrecy-act) * 311 Patriot Act (https://home.treasury.gov/policy-issues/terrorism-and-illicit-finance/311-actions) * FinCEN: Financial Crimes Enforcement Network (https://www.fincen.gov/) * Application of FinCEN's Regulations to Certain Business Models Involving Convertible Virtual Currencies (https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf) ZK Whiteboard Sessions (https://zkhack.dev/whiteboard/) – as part of ZK Hack and powered by Polygon – a new series of educational videos that will help you get onboarded into the concepts and terms that we talk about on the ZK front. ZK Jobs Board (https://jobsboard.zeroknowledge.fm/) has a fresh batch of open roles from ZK-focused projects. Find your next opportunity working in ZK! Today's episode is sponsored by Polygon (https://polygon.technology/). Introducing Polygon zkEVM. Polygon's vision for zkEVM is simple: developers can deploy any Ethereum smart contract to a Layer 2 and benefit from the scaling power of ZK proofs. Public testnet is coming soon! If you'd like to learn more about Polygon zkEVM and stay updated on the latest - fill out the form here. (https://polygon.technology/buildonzkevm) If you like what we do: * Find all our links here! @ZeroKnowledge | Linktree (https://linktr.ee/zeroknowledge) * Subscribe to our podcast newsletter (https://zeroknowledge.substack.com) * Follow us on Twitter @zeroknowledgefm (https://twitter.com/zeroknowledgefm) * Join us on Telegram (https://zeroknowledge.fm/telegram) * Catch us on Youtube (https://zeroknowledge.fm/) * Head to the ZK Community Forum (https://community.zeroknowledge.fm/) * Support our Gitcoin Grant (https://zeroknowledge.fm/gitcoin-grant-329-zkp-2)
Andrew Hinkes, partner at K&L Gates and adjunct professor at NYU, and Martin Koeppelman, co-founder of Gnosis, talk about the sanctions on Tornado Cash, how they will impact Ethereum on the base layer, and the likelihood of having two chains. Show highlights: the legal meaning of the OFAC sanctions on Tornado Cash and why it is causing complications how legislation is built for the fiat world, and how in DeFi and crypto there's no clarity how miners have changed their behavior prior to the Merge whether a proof of work chain or a proof of stake chain would be more censorship resistant whether laws apply to validators in a PoS chain the ways in which the government could provide more clarification the different entities involved in Proof of Stake the liabilities for each entity in PoS and what secondary liability is how the task of the bidder can be described as a mathematical optimization problem whether Lido is exposed to US regulations how long would it take for a large staker like Coinbase to stop being a validator how a user-activated soft fork works and the conditions in which a fork could happen whether social slashing is enforceable considering it is not in the protocol the likelihood of Ethereum becoming a permissioned system the role of Flashbots' relay code and what it means for Ethereum's censorship resistance how DeFi's exposure to US-based institutions can affect the likelihood of the chain complying with sanctions whether DAI is just wrapped USDC how MakerDAO is trying to be more independent of USDC why US-based companies will choose a conservative path, considering the lack of guidance the importance of educating the regulators how cash and crypto are the only remaining private payment methods Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://avax.network a16z: https://link.chtbl.com/HObAJQDL?sid=unchained Andrew Twitter: https://twitter.com/propelforward Martin Twitter: https://twitter.com/koeppelmann Previous Coverage of the Tornado Cash Sanctions on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No: https://unchainedpodcast.com/is-trm-labs-blocking-addresses-from-defi-protocols-ari-redbord-says-no-ep-387/ Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/ The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/ Social Slashing and Censorship on ETH Axios summary of the situation: https://www.axios.com/2022/08/23/how-transactions-might-be-censored-after-ethereum-changes-next-month BitMex research on how the sanctions affect Ethereum: https://blog.bitmex.com/ofac-sanctions-ethereum-pos-some-technical-nuances/ Ethermine banning transactions: https://twitter.com/takenstheorem/status/1560690035955011585?s=20&t=59hWdhr8_O-hYA8uYnZJ8w Nic Carter's article: https://www.coindesk.com/layer2/2022/08/25/if-ethereum-starts-slashing-it-burns/ Eric Wall's article on social slashing: https://ercwl.medium.com/the-case-for-social-slashing-59277ff4d9c7 CoinDesk article: https://www.coindesk.com/tech/2022/08/23/as-censorship-on-ethereum-begins-could-this-open-sourced-code-help-counter-it/?outputType=amp Hetzner banning Ethereum users: https://twitter.com/koeppelmann/status/1563146729314467840?s=20&t=ubFhCQqrQyHKfflgMHEmJw Tornado Cash Treasury Press release: https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019 Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/ Rep. Emmer's letter: https://twitter.com/RepTomEmmer/status/1562084891247902721?s=20&t=9J3c3scVdxsLKVcFovaWdQ Tornado Cash post on compliance: https://tornado-cash.medium.com/tornado-cash-compliance-9abbf254a370 Coin Center's article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ Second Coin Center article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/ Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/ Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul DAI and USDC Maker forum: https://forum.makerdao.com/t/the-path-of-compliance-and-the-path-of-decentralization-why-maker-has-no-choice-but-to-prepare-to-free-float-dai/17466 https://decrypt.co/107273/makerdao-founder-dai-drop-dollar-peg-tornado-cash-usdc Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets Flashbots Flashbots relay open source: https://twitter.com/hasufl/status/1559908331145265156?s=20&t=gtHe5sVetxQXVKfZL2VMYg MEV Boost: https://www.alchemy.com/overviews/mev-boost MEV in ETH PoS: https://writings.flashbots.net/writings/mev-boost-call-for-testing Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation
TODAY'S
Epicenter - Learn about Blockchain, Ethereum, Bitcoin and Distributed Technologies
On August 8, 2022, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, citing allegations it helped North Korea's Lazarus hacker group launder millions of dollars worth of crypto proceeds stolen from various crypto projects over the past few years. Coin Center believe that OFAC has overstepped its legal authority by adding certain Tornado Cash smart contract addresses to the Specially Designated Nationals And Blocked Persons (SDN) List, potentially violating US Americans' constitutional rights to due process and free speech.Peter Van Valkenburgh, Director of Research at Coin Center, joined us for an in-depth look at how OFAC operates, why he believes this sanctioning represents an overreach, what's next for Tornado Cash, and what this means for the rest of the blockchain ecosystem.Topics covered in this episode:An overview of the Tornado Cash caseWhat is the Office of Foreign Assets Control (OFAC)?How is it determined who gets on the OFAC list? What happens to you if you're on the list?Does this only apply to US Americans?How does one get removed from the list?What did Tornado Cash do wrong, and what should they have done?Is there an acceptable level of maliciousness within the system?Comparison to PGPWhy Tornado Cash was targeted over other privacy enhancing toolsThe reaction from the crypto ecosystemEpisode links:OFAC - The Office of Foreign Assets ControlCoin CenterTornado Cash on TwitterCoin Center on TwitterPeter on TwitterJoin the Epicenter team!Sponsors:Tally Ho: Tally Ho is a new wallet for Web3 and DeFi that sees the wallet as a public good. Think of it like a community-owned alternative to MetaMask. - https://epicenter.rocks/tallycashThis episode is hosted by Friederike Ernst. Show notes and listening options: epicenter.tv/458
Ari Redbord, Head of Legal and Government Affairs at TRM Labs, talks about the sanctions on Tornado Cash, and the role of blockchain analytics tools in crypto. Show highlights: Ari's background as a federal prosecutor and his work for the US Treasury why regulators sanctioned Tornado Cash, according to Ari why the Ronin hack was important for regulators to start taking DeFi hacks more seriously the fact that for the first time the Treasury Department sanctioned software whether the Office of Foreign Assets Control (OFAC) messed up whether regulators understood the impact on regular users the role of TRM and blockchain analytics tools in mitigating risk how decentralized applications use tools like the ones provided by TRM to comply with regulations and to block addresses why, if Ari were a regulator, he would focus on regulation guidance whether the sanctions on Tornado Cash are unconstitutional what the future of privacy in crypto looks like and whether the government is going after privacy technologies Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ari Twitter: https://twitter.com/ARedbord Tornado Cash Treasury Press release: https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019 Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/ Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/ TRM Labs blog post: https://www.trmlabs.com/post/how-defi-platforms-are-using-data-from-trm-labs-to-respond-to-tornado-cash-sanctions Tornado Cash post on compliance: https://tornado-cash.medium.com/tornado-cash-compliance-9abbf254a370 Coin Center's article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ Second Coin Center article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/ Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/ The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/ What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/ Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/ Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul Previous Coverage of Unchained: Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/ The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/ Hacks linked to Tornado Cash Ronin: https://www.cnbc.com/2022/04/15/ronin-hack-north-korea-linked-to-615-million-crypto-heist-us-says.html Harmony: https://decrypt.co/104138/north-korean-attackers-behind-100m-harmony-hack-report Crypto.com: https://www.wired.com/story/crypto-hack-nso-group-security-news/ Nomad: https://decrypt.co/106459/crypto-bridge-nomad-exploited-190m-frenzied-free-for-all Previous Coverage of Unchained: Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks?: https://unchainedpodcast.com/will-the-nomad-mass-looting-change-how-law-enforcement-treats-defi-hacks-ep-382/
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Laura Shin, host of Unchained and author of The Cryptopians, also joined the conversation. Show topics: What Tornado Cash is and why it got sanctioned by the OFAC The difference between Tornado Cash and blender.io Whether privacy is dead as a category and whether regulators are going after it How these sanctions have a negative impact on the funding of privacy projects How people within the industry can have different points of view, even when they understand the technology Whether the ban of Tornado Cash only means that malicious groups will just go and use other protocols Why regulation by enforcement sucks The asymmetry between the government's sanction and the effort needed to push it back. What changes after the Merge for ETH in terms of centralization Whether some MEV solutions make Ethereum more centralized Why MEV is intrinsic to blockchains and whether it is impossible to get rid of it Why Proposer-Builder Separation is helpful for the network Whether MEV is illegal and the plausibility of major exchanges not extracting MEV Why Facebook has an MEV extraction business model, according to Tarun How some NFT exchanges are not enforcing royalties What Sudoswap is and how it works How the royalties were there to bootstrap the supply side of NFTs Why Tarun thinks music NFTs will never happen The economic reasoning around royalties The differences between NFT marketplaces like OpenSea and Magic Eden Whether NFTs have a real-world use How Dragonfly's acquisition of Metastable brought Laura some old memories Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Tarun Chitra, managing partner at Robot Ventures https://twitter.com/tarunchitra Laura Twitter: https://twitter.com/laurashin Episode Links Tornado Cash Treasury Press release: https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019 Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/ Coin Center's article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ Second Coin Center's article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/ Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/ The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/ What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/ Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/ Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul Secretary of State deletes tweet: https://www.coindesk.com/policy/2022/08/08/us-secretary-of-state-tweets-deletes-claim-that-crypto-mixer-tornado-cash-is-north-korea-sponsored/ Previous Coverage of Unchained: Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/ MEV What is MEV: https://ethereum.org/en/developers/docs/mev/#:~:text=Maximal%20extractable%20value%20(MEV)%20refers,of%20transactions%20in%20a%20block. Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation MEV Boost: https://www.alchemy.com/overviews/mev-boost Flashbots auctions: https://docs.flashbots.net/flashbots-auction/overview NFTs Why NFT Creators and Collectors Can't Stop Talking About Artist Royalties: https://decrypt.co/107482/why-nft-creators-collectors-artist-royalties NFT Royalties: Why artists love them, and traders don't: https://www.cnbctv18.com/cryptocurrency/nft-royalties-why-artists-love-them-and-traders-dont-14496762.htm
This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today's episode, NLW looks at the crypto industry's response to news that 29-year-old Alexey Pertsev was arrested for his work on Tornado Cash. He also looks at Coin Center's new potential court challenge to the Office of Foreign Asset Controls sanctions, which argues that the agency doesn't have the authority to sanction a smart contract in the first place. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world's most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter's mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Chalermphon Kumchai/EyeEm/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
Today's blockchain and cryptocurrency news Brought to you by watchthiscards.com Bitcoin is up slightly at $24,017 Ethereum is up 1% at $1899 and Binance Coin up slightly at $316 Dogecoin up 15% Coin Center is preparing a possible legal challenge for tornado cash's sanctions. Sudoswap has set their automated market maker royalties to 0% for NFT creators acala stablecoin has returned near its $1 peg as the community burned the 1.2B aUSD tokens Crypto custody firm BitGo says they may legal action against Galaxy Digital
On Friday, Dutch authorities arrested a 29-year-old Tornado Cash developer. This episode is sponsored by Nexo.io, Chainalysis and FTX US. On today's episode, NLW looks at the crypto industry's response to news that 29-year-old Alexey Pertsev was arrested for his work on Tornado Cash. He also looks at Coin Center's new potential court challenge to the Office of Foreign Asset Controls sanctions, which argues that the agency doesn't have the authority to sanction a smart contract in the first place. -Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io.-Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world's most high-profile criminal cases. For more information, visit www.chainalysis.com.-FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today.-I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter's mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas.-“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Chalermphon Kumchai/EyeEm/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Jerry Brito, executive director of Coin Center, talks about Tornado Cash, why it was sanctioned, and what this means for privacy in crypto. Show highlights: what Blender.io is and how it relates to Tornado Cash how hackers have used Tornado Cash to launder money whether the Office of Foreign Assets Control made a mistake, according to Jerry how Americans were affected by the sanctions why Jerry believes OFAC should have done an analysis to estimate how many people would be impacted by its decision whether the sanctions should have been aimed at North Koren wallets and not the protocol whether the sanctions are unconstitutional and whether Coin Center will litigate this how Jerry believes Circle freezing USDC complicated everything what the famous people who received 0.1 ETH from random accounts via Tornado Cash should do what would happen if someone forked the Tornado Cash code and deployed a copycat smart contract to a new address whether the sanctions signal the beginning of a privacy war on crypto how regulators are applying the same traditional rules with crypto as they use with centralized entities Thank you to our sponsors! 1inch: https://1inch.io/ Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Jerry Twitter: https://twitter.com/jerrybrito Tornado Cash Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/ Coin Center's article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/ Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/ The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/ What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/ Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/ Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul Hacks linked to Tornado Cash Ronin: https://www.cnbc.com/2022/04/15/ronin-hack-north-korea-linked-to-615-million-crypto-heist-us-says.html Harmony: https://decrypt.co/104138/north-korean-attackers-behind-100m-harmony-hack-report Crypto.com: https://www.wired.com/story/crypto-hack-nso-group-security-news/ Nomad: https://decrypt.co/106459/crypto-bridge-nomad-exploited-190m-frenzied-free-for-all Previous Coverage of Unchained: Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks?: https://unchainedpodcast.com/will-the-nomad-mass-looting-change-how-law-enforcement-treats-defi-hacks-ep-382/
Balaji S. Srinivasan — The Network State and How to Start a New Country | Brought to you by Eight Sleep's Pod Pro Cover sleeping solution for dynamic cooling and heating, Athletic Greens all-in-one nutritional supplement, and Shopify global commerce platform providing tools to start, grow, market, and manage a retail business. More on all three below.Balaji S. Srinivasan (@balajis) is an angel investor and entrepreneur. Formerly the CTO of Coinbase and general partner at Andreessen Horowitz, he was also the co-founder of Earn.com (acquired by Coinbase), Counsyl (acquired by Myriad), Teleport (acquired by Topia), and Coin Center.He was named to the MIT Technology Review's “Innovators Under 35,” won a Wall Street Journal Innovation Award, and holds a BS/MS/PhD in Electrical Engineering and an MS in Chemical Engineering, all from Stanford University. Balaji also teaches the occasional class at Stanford, including an online MOOC in 2013, which reached 250,000+ students worldwide.His new book is The Network State: How To Start a New Country. You can also read it for free at 1729.com.Please enjoy!This episode is brought to you by Shopify! Shopify is one of my favorite platforms and one of my favorite companies. Shopify is designed for anyone to sell anywhere, giving entrepreneurs the resources once reserved for big business. In no time flat, you can have a great looking online store that brings your ideas to life, and you can have the tools to manage your day-to-day and drive sales. No coding or design experience required.More than a store, Shopify grows with you, and they never stop innovating, providing more and more tools to make your business better and your life easier. Go to Shopify.com/Tim for a FREE 14-day trial and get full access to Shopify's entire suite of features.*This episode is also brought to you by Eight Sleep! Eight Sleep's Pod Pro Cover is the easiest and fastest way to sleep at the perfect temperature. It pairs dynamic cooling and heating with biometric tracking to offer the most advanced (and user-friendly) solution on the market. Simply add the Pod Pro Cover to your current mattress and start sleeping as cool as 55°F or as hot as 110°F. It also splits your bed in half, so your partner can choose a totally different temperature.And now, my dear listeners—that's you—can get $250 off the Pod Pro Cover. Simply go to EightSleep.com/Tim or use code TIM at checkout. *This episode is also brought to you by Athletic Greens. I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1 by Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. Right now, Athletic Greens is offering you their Vitamin D Liquid Formula free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free Vitamin D Liquid Formula (and five free travel packs) with your first subscription purchase! That's up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.*For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsorsSign up for Tim's email newsletter (5-Bullet Friday) at tim.blog/friday.For transcripts of episodes, go to tim.blog/transcripts.Discover Tim's books: tim.blog/books.Follow Tim:Twitter: twitter.com/tferriss Instagram: instagram.com/timferrissYouTube: youtube.com/timferrissFacebook: facebook.com/timferriss LinkedIn: linkedin.com/in/timferrissPast guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, and many more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The group argues a tax provision in last year's infrastructure bill is unconstitutional. This episode is sponsored by Nexo.io, NEAR and FTX US. On this edition of the “Weekly Recap,” NLW looks at two stories from the past week in crypto. The first is advocacy group Coin Center's lawsuit against the U.S. Treasury Department and the IRS around what it argues is an unconstitutional surveillance provision in last year's infrastructure law. The second is the announcement of Web5 from Jack Dorsey's TBD.-Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC.-NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org.-FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today.-“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: DNY59/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
This episode is sponsored by Nexo.io, NEAR and FTX US. On this edition of the “Weekly Recap,” NLW looks at two stories from the past week in crypto. The first is advocacy group Coin Center's lawsuit against the U.S. Treasury Department and the IRS around what it argues is an unconstitutional surveillance provision in last year's infrastructure law. The second is the announcement of Web5 from Jack Dorsey's TBD. - Nexo is an all-in-one platform where you can buy crypto with a bank card and earn up to 16% interest on your assets. On the platform you can also swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up at nexo.io by June 30 and receive up to $150 in BTC. - NEAR is a blockchain for a world reimagined. Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future. Find out more at NEAR.org. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: DNY59/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
Peter Van Valkenburgh, director of research at Coin Center, discusses a proposed rule by the US Securities and Exchange Commission that has massive implications for the free-speech rights of crypto software developers in the US. Show highlights: why an SEC proposal changing the definition of “exchange” could violate the right to free speech of US crypto developers whether the SEC is going after DeFi on purpose – as its 200+ page proposal never mentions crypto or DeFi what precedent Peter has found that should prohibit the SEC from taking away software developers' right to free speech how Peter and Coin Center structured their recent letter of comment to the SEC what the next steps (such as a lawsuit?) should be for the crypto community if the rule goes into effect why writing software is part of someone's right to free speech what implications the proposed rule could have on AMMs what happens next: when could the rule be put into place? Unchained is hiring! Find out information on the three openings at Unchained and how to apply here: part-time remote social media marketing manager: https://unchainedpodcast.com/seeking-part-time-remote-social-media-and-marketing-manager/ part-time remote editorial assistant: https://unchainedpodcast.com/seeking-remote-editorial-assistant/ part-time remote video/audio producer: https://unchainedpodcast.com/seeking-part-time-remote-video-audio-producer/ Announcing The Cryptopians Book Clubs! On April 26th, I will be selling NFT tickets to five 90-minute virtual book clubs in which 22 people can discuss "The Cryptopians" with me and with each other — without worrying about spoilers! Two of the book clubs will also feature special guests. The sale will go live on Tuesday, April 26, at 1pm ET/10am PT, and tickets will be $100 each. (The sale will be on Bitski, but the NFTs will not be visible until the sale goes live on the 26th): https://www.bitski.com/@laurashin/created Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Coinchange: https://coinchange.io OnJuno: https://onjuno.com/ Galaxis: https://galaxis.xyz/ Episode Links Peter Van Valkenburgh Coin Center profile: https://www.coincenter.org/people/peter-van-valkenburgh/ Twitter: https://twitter.com/valkenburgh The SEC Proposal Proposal: https://www.sec.gov/news/press-release/2022-10# Comments on the proposal: https://www.sec.gov/comments/s7-02-22/s70222.htm Coin Center's/Peter's comment: https://www.coincenter.org/a-new-sec-proposal-has-a-serious-change-hidden-within-its-complex-language/ Coin Center blog on its comment: https://www.coincenter.org/a-new-sec-proposal-has-a-serious-change-hidden-within-its-complex-language/ Gabriel Shapiro's comment: https://twitter.com/lex_node/status/1516079145213739013
Location: Washington D.C. Date: Saturday 4th December Project: American Economic Liberties Project & Coin Center Role: Director of Research & Research Director 2021 has been a monumental year for Bitcoin for many reasons. As a result, Bitcoin has matured in the minds of casual observers: it is now seriously viewed as a viable alternative to other forms of money. Whilst this is a validation for proponents, such a situation is like a fever dream for those who believe in the primacy of the state. China has banned private digital assets. The IMF is concerned about the impact of digital assets on financial stability. On Wednesday, the lead economist at the IMF stated that urgent international coordination is required to implement regulation. India's Prime Minister Narendra Modi has echoed these comments. There are also concerns from more vocal advocates for democracy. Such people argue there is no such thing as deregulation: someone is always making the rules. The decision is whether such rules are made within the purview of collective agreement, or by unelected and unaccountable powers. This community thinks Bitcoin undermines the state and thereby democracy. Bitcoin is rightly or wrongly associated with an anarcho capitalist ideology. Yet, the Bitcoin community is a broad church. There is a growing sense that a silent majority who still believe in government, but also see Bitcoin as a powerful check on centralised control. They view Bitcoin as second amendment rights for money. In this interview, I talk to Matt Stoller: author of ‘Goliath: The 100-Year War Between Monopoly Power and Democracy', about his recent newsletter post ‘Cryptocurrencies: A Necessary Scam?'. To make the case for Bitcoin I am joined by Coin Center's Peter Van Valkenburgh. We discuss the issue of power consolidation, the current crisis with democracy, and the monopoly of money.
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