So, I am thinking this case against the Samourai founders could backfire against the DOJ. They could lose outright and this could actually legally affirm self-custody, and remove legal jeopardy from coders.
If this case stands, they will have to confirm that BTC is a currency. In that case its taxation must change, because now they're treating it as property. More specifically, the I.R.C. § 988(e)(2) tax reporting and liability exemption per currency transactions less than $200 must be allowed.
This could be the greatest outcome of all.
It is in the interest of all whales to well fund the defense of this case.
That would be awesome but I've read elsewhere that this is not the case. IE, the use of the term currency or money in this context is not the same as what you are talking about. I don't know but I do know it wouldn't be the first time this week that the state contradicted itself and didn't call itself out on it... The main issue with what you are saying is assuming people in power care about the law or being consistent.
That said, good legal efforts could force the issue even if they do contradict themselves. In the end we will win because we are on the side of right. We may be all dead by then but I firmly believe bitcoin wins.
I wish I could. There were so many people providing info last week on this. One was stating that money laundering doesn't just include currency but also could include assets. I'm not saying they are correct btw. Just something I read someone else say who claimed to know... so take it with a grain of salt.
this and the tornado cash case will drag out for years with all the legal manoeuvering, appeals etc. we won't know outcome, whatever it is, for a long time. just have to patiently wait
No, you are right this case is even worse than the Tornado Cash one and honestly, I didn't even think it could get worse. This is also going to further weaken the SEC due to the blowback as well
They really actually go hand in hand due to how they are leveraging the law via Chevron Doctrine which the Supreme Court might be striking down. Anymore bad PR on that front will help tilt public opinion against it further.
I think the whales should fund this and avoid settlement, in their own interest and in the interest of bitcoin. Although it's possible that the fed has some personal dirt on the founders and they blackmailing them into a settlement.
Yah, it's in the indictment. Strangely, it's being ignored by everyone.
WhileofferingSamouraiasa"privacy"service,thedefendantslmewthatitwas
a haven for criminals to engage in large-scale money laundering and sanctions evasion. Indeed, as the defendants intended and well knew [....] Indeed, during the relevant period, Samourai laundered over $100 million dollars of crime proceeds originating from, among other criminal sources: illegal darkweb markets, such as Silk Road and Hydra Market; various wire fraud and computer fraud schemes, including a web-server intrusion, a spear phishing scheme, and schemes to defraud multiple decentralized finance protocols; and other illegal activities
Spear Phishing & Server Intrusion.