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⚖️ Cryptocurrency Developer Sues U.S. Department of Justice, Challenging Biden Era Regulatory Crackdown
Cryptocurrency developer Michael Lewellen has recently filed a lawsuit against the U.S. Department of Justice (DOJ), accusing the Biden administration of overregulation that stifles innovation in the cryptocurrency space. His lawsuit claims to address the same issues as previous legal actions taken against the developers of Tornado Cash and Samourai Wallet.
Lewellen's collaboration with Pharos has become the focus of this lawsuit. Pharos, as a non-custodial protocol, enables users to raise funds for charitable or various projects safely and transparently without intermediary involvement.
Lewellen stated that suing the DOJ is a stand against excessive regulation and emphasized that it is not just about the rights of Pharos, but also the future of innovation in American cryptocurrency. He believes that Pharos is a tool, not a financial service, and should not be subject to federal funds transfer laws. He also pointed out that the DOJ's enforcement actions against non-custodial protocol developers (like Tornado Cash) represent an overreach of federal power.
Although policymakers insist that increased regulation is crucial for curbing illegal activities and protecting consumer rights, Lewellen and other developers argue that the ambiguity of regulatory policies has led to a shift of innovative activities abroad. This lawsuit highlights the differing views and conflicts of interest between the two sides on how to balance the freedom of innovation with the needs of regulatory safety.
Meanwhile, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, praised Lewellen for voicing the concerns of software developers, and Coin Center's CEO Peter Van Valkenburgh also supported him, emphasizing the importance of maintaining developers' freedom to release software. The unified stance of these two industry leaders further underscores the consensus within the developer community regarding the freedom of software development.
🗣 Conclusion:
Lewellen's lawsuit against the U.S. Department of Justice is not just a fight for a personal project but also a struggle for the freedom of innovation in the cryptocurrency industry, highlighting the contradiction between regulation and freedom, as well as the dilemmas faced by innovators.
With the support of industry leaders, this case is expected to become a turning point in cryptocurrency regulation, prompting the public to think deeply about the balance between innovation and regulation.
💬 What are your thoughts on Lewellen's lawsuit against the DOJ? How should regulation in the cryptocurrency industry balance innovation and safety? Leave your views and opinions in the comments section!
#加密货币监管 #法律诉讼 #DOJ
Cryptocurrency developer Michael Lewellen has recently filed a lawsuit against the U.S. Department of Justice (DOJ), accusing the Biden administration of overregulation that stifles innovation in the cryptocurrency space. His lawsuit claims to address the same issues as previous legal actions taken against the developers of Tornado Cash and Samourai Wallet.
Lewellen's collaboration with Pharos has become the focus of this lawsuit. Pharos, as a non-custodial protocol, enables users to raise funds for charitable or various projects safely and transparently without intermediary involvement.
Lewellen stated that suing the DOJ is a stand against excessive regulation and emphasized that it is not just about the rights of Pharos, but also the future of innovation in American cryptocurrency. He believes that Pharos is a tool, not a financial service, and should not be subject to federal funds transfer laws. He also pointed out that the DOJ's enforcement actions against non-custodial protocol developers (like Tornado Cash) represent an overreach of federal power.
Although policymakers insist that increased regulation is crucial for curbing illegal activities and protecting consumer rights, Lewellen and other developers argue that the ambiguity of regulatory policies has led to a shift of innovative activities abroad. This lawsuit highlights the differing views and conflicts of interest between the two sides on how to balance the freedom of innovation with the needs of regulatory safety.
Meanwhile, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, praised Lewellen for voicing the concerns of software developers, and Coin Center's CEO Peter Van Valkenburgh also supported him, emphasizing the importance of maintaining developers' freedom to release software. The unified stance of these two industry leaders further underscores the consensus within the developer community regarding the freedom of software development.
🗣 Conclusion:
Lewellen's lawsuit against the U.S. Department of Justice is not just a fight for a personal project but also a struggle for the freedom of innovation in the cryptocurrency industry, highlighting the contradiction between regulation and freedom, as well as the dilemmas faced by innovators.
With the support of industry leaders, this case is expected to become a turning point in cryptocurrency regulation, prompting the public to think deeply about the balance between innovation and regulation.
💬 What are your thoughts on Lewellen's lawsuit against the DOJ? How should regulation in the cryptocurrency industry balance innovation and safety? Leave your views and opinions in the comments section!
#加密货币监管 #法律诉讼 #DOJ
JUST IN: Dallas University 🏫 lecturer Michael Lewellen filed a lawsuit against the #DOJ over the government's crackdown ❌ on crypto mixers like #TornadoCash
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U.S. Prepares to Liquidate 6.5 Billion USD in Bitcoin: New Pressure on the Crypto Market
U.S. Department of Justice receives Bitcoin liquidation ruling from Silk Road
According to a ruling from a U.S. court on December 30, 2024, the U.S. Department of Justice (DOJ) has been authorized to liquidate 69,370 BTC (worth 6.5 billion USD), this Bitcoin was seized from the Silk Road black market. This case continues to create downward pressure on Bitcoin prices, as the market reacts negatively to this information.
Case details
• The number of Bitcoins seized by the DOJ from 'Person X', who surrendered this massive amount during the investigation of illegal activities on Silk Road.
According to a ruling from a U.S. court on December 30, 2024, the U.S. Department of Justice (DOJ) has been authorized to liquidate 69,370 BTC (worth 6.5 billion USD), this Bitcoin was seized from the Silk Road black market. This case continues to create downward pressure on Bitcoin prices, as the market reacts negatively to this information.
Case details
• The number of Bitcoins seized by the DOJ from 'Person X', who surrendered this massive amount during the investigation of illegal activities on Silk Road.
The U.S. Department of Justice (DOJ) recently received court approval to sell around 69,370 Bitcoin, valued at $6.5 billion, seized from the infamous Silk Road marketplace. This marks one of the largest cryptocurrency liquidations in history, with the U.S. Marshals Service set to oversee the sale.
While the DOJ argues this move is necessary due to Bitcoin's volatility, some experts worry about its impact on market stability. Bitcoin’s price has already shown slight dips following the news. This decision highlights the challenges governments face in managing seized digital assets without disrupting the market.
#Bitcoin #BTC #DOJ #Cryptocurrency #SilkRoad
While the DOJ argues this move is necessary due to Bitcoin's volatility, some experts worry about its impact on market stability. Bitcoin’s price has already shown slight dips following the news. This decision highlights the challenges governments face in managing seized digital assets without disrupting the market.
#Bitcoin #BTC #DOJ #Cryptocurrency #SilkRoad
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U.S. Authorized to Liquidate 69,370 Seized Bitcoin from Silk Road, Valued at $6.5 Billion
The Northern District Court #California has just passed a ruling allowing the U.S. government to sell the largest amount of seized Bitcoin to date, marking the end of a four-year legal battle related to Silk Road, the notorious dark web marketplace.
Historic Ruling on Seized Bitcoin
Judge Richard Seeborg, known for high-profile cases, rejected the request to halt the seizure of 69,370 Bitcoin, paving the way for the U.S. Department of Justice #DOJ to proceed with the liquidation of these assets valued at $6.5 billion. However, the liquidation will not happen immediately due to the federal asset seizure process requiring many administrative steps and potential appeals.
Historic Ruling on Seized Bitcoin
Judge Richard Seeborg, known for high-profile cases, rejected the request to halt the seizure of 69,370 Bitcoin, paving the way for the U.S. Department of Justice #DOJ to proceed with the liquidation of these assets valued at $6.5 billion. However, the liquidation will not happen immediately due to the federal asset seizure process requiring many administrative steps and potential appeals.
Gary Gensler Reflects on His SEC Tenure and Critiques Crypto and Elon Musk’s D.O.G.E Initiative
Gary Gensler, the outgoing chair of the U.S. Securities and Exchange Commission
(SEC), has shared candid insights into his tenure, describing the toll it took on him personally and professionally. As he prepares to step down, Gensler opened up
about the challenges he faced, particularly the overwhelming volume of
crypto-related cases and the intense scrutiny that came with them. His time at the SEC, which involved dealing with major crypto controversies like the collapse of
FTX and Terra, was far from easy, and he admits that it has left him "traumatized"
by the experience.
In his recent remarks, Gensler reflected on how the crypto space has been more
sentiment-driven than fundamentals-based, a reality that was difficult for him to
navigate given his extensive background in traditional finance. Despite his prior
academic involvement with blockchain technology at MIT, Gensler emphasized the stark difference between studying digital assets and actively regulating them to
protect investors. He compared the crypto landscape to the "Wild West," full of
volatility, speculation, and potential fraud, which is why his SEC team brought
numerous enforcement actions during his tenure.
One of Gensler’s more surprising comments was his criticism of Elon Musk's
D.O.G.E initiative. He described the plan as unnecessary, especially in light of the
complexity and scope of government spending it aimed to address. Gensler
questioned the feasibility of cutting such a large portion of the national debt and
warned about the potential risks of overburdening an already stretched SEC
workforce. He highlighted that with limited resources, the SEC is often forced to
prioritize certain cases, and crypto-related issues account for a significant
portion of their caseload.
As Gensler wraps up his role, he’s already had conversations with his likely successor, Paul Atkins, sharing his advice on navigating the complexities of global capital
markets. Gensler emphasized the importance of maintaining transparency, fighting fraud, and ensuring a level playing field in financial markets. With his departure
looming, Gensler’s reflections offer a deeper look at the regulatory landscape of
the crypto industry and the challenges of balancing innovation with investor
protection.
#SEC #CryptoRegulation #GaryGensler #ElonMusk #DOJ
$SEI
(SEC), has shared candid insights into his tenure, describing the toll it took on him personally and professionally. As he prepares to step down, Gensler opened up
about the challenges he faced, particularly the overwhelming volume of
crypto-related cases and the intense scrutiny that came with them. His time at the SEC, which involved dealing with major crypto controversies like the collapse of
FTX and Terra, was far from easy, and he admits that it has left him "traumatized"
by the experience.
In his recent remarks, Gensler reflected on how the crypto space has been more
sentiment-driven than fundamentals-based, a reality that was difficult for him to
navigate given his extensive background in traditional finance. Despite his prior
academic involvement with blockchain technology at MIT, Gensler emphasized the stark difference between studying digital assets and actively regulating them to
protect investors. He compared the crypto landscape to the "Wild West," full of
volatility, speculation, and potential fraud, which is why his SEC team brought
numerous enforcement actions during his tenure.
One of Gensler’s more surprising comments was his criticism of Elon Musk's
D.O.G.E initiative. He described the plan as unnecessary, especially in light of the
complexity and scope of government spending it aimed to address. Gensler
questioned the feasibility of cutting such a large portion of the national debt and
warned about the potential risks of overburdening an already stretched SEC
workforce. He highlighted that with limited resources, the SEC is often forced to
prioritize certain cases, and crypto-related issues account for a significant
portion of their caseload.
As Gensler wraps up his role, he’s already had conversations with his likely successor, Paul Atkins, sharing his advice on navigating the complexities of global capital
markets. Gensler emphasized the importance of maintaining transparency, fighting fraud, and ensuring a level playing field in financial markets. With his departure
looming, Gensler’s reflections offer a deeper look at the regulatory landscape of
the crypto industry and the challenges of balancing innovation with investor
protection.
#SEC #CryptoRegulation #GaryGensler #ElonMusk #DOJ
$SEI
Binance to Face SEC Lawsuit in Crucial Court Hearing
Summary: In a pivotal court hearing, Binance, the largest cryptocurrency exchange, seeks the dismissal of an SEC lawsuit involving allegations of volume manipulation, trading in unregistered securities, and providing misleading information. The accusations also involve failure to prevent U.S. customers from accessing its services. Binance previously settled with the DOJ and CFTC for $4.3 billion over financial misconduct. Challenging the SEC's jurisdiction, Binance claims differences between traditional securities laws and new business frameworks.
By Investing.com
#binance #criptomoneda #btc #doj $BTC $ETH $BNB
Summary: In a pivotal court hearing, Binance, the largest cryptocurrency exchange, seeks the dismissal of an SEC lawsuit involving allegations of volume manipulation, trading in unregistered securities, and providing misleading information. The accusations also involve failure to prevent U.S. customers from accessing its services. Binance previously settled with the DOJ and CFTC for $4.3 billion over financial misconduct. Challenging the SEC's jurisdiction, Binance claims differences between traditional securities laws and new business frameworks.
By Investing.com
#binance #criptomoneda #btc #doj $BTC $ETH $BNB
Breaking News: US Government Set to Sell 69,370 $BTC (~$7.3B)
• The US has received approval to offload 69,370 Bitcoin seized from Silk Road.
• US Government Currently holdings: 198.109K $BTC ($18.71B).
#DOJ #SilkRoadBTC #USGovernment
• The US has received approval to offload 69,370 Bitcoin seized from Silk Road.
• US Government Currently holdings: 198.109K $BTC ($18.71B).
#DOJ #SilkRoadBTC #USGovernment
#BTC ( Comprehensive Bitcoin Analysis )
In the previous analysis, you saw that we knew that Bitcoin would fall to 94K. We were also waiting for the price to react to the 92K-94K area.
Due to the news of the authorization to sell 70,000 seized Bitcoins, the price did not react well in the 92K-94K area.
🇺🇸 DOJ cleared to sell $6.5 billion worth of Bitcoin from seized Silk Road assets.
There is also liquidity between 92,000 and 92,350. So we can expect the price to fall below 92K.
There is a strong bottom at 91,500. If the price does not fall below 91,500, our view is completely bullish.
The next strong bottom is at 85,000. If the price falls below 85K, the fall to 67,000 can continue with the sale of 70,000 Bitcoins.
We do not know when this Bitcoins will be sold. So we will not make a hasty decision and as long as the price is above 91,500, our view is bullish.
We are cautious and wait between 85,000 and 91,500.
Below 85K, our view will become bearish.
#USJoblessClaimsDrop #DOJ #Write2Earn #CryptoMarketDip #btcupdates
In the previous analysis, you saw that we knew that Bitcoin would fall to 94K. We were also waiting for the price to react to the 92K-94K area.
Due to the news of the authorization to sell 70,000 seized Bitcoins, the price did not react well in the 92K-94K area.
🇺🇸 DOJ cleared to sell $6.5 billion worth of Bitcoin from seized Silk Road assets.
There is also liquidity between 92,000 and 92,350. So we can expect the price to fall below 92K.
There is a strong bottom at 91,500. If the price does not fall below 91,500, our view is completely bullish.
The next strong bottom is at 85,000. If the price falls below 85K, the fall to 67,000 can continue with the sale of 70,000 Bitcoins.
We do not know when this Bitcoins will be sold. So we will not make a hasty decision and as long as the price is above 91,500, our view is bullish.
We are cautious and wait between 85,000 and 91,500.
Below 85K, our view will become bearish.
#USJoblessClaimsDrop #DOJ #Write2Earn #CryptoMarketDip #btcupdates
🔔 U.S. Government to Sell 69,370 Bitcoins Worth $6.5 Billion
On January 9, a DOJ official confirmed approval to dispose of Bitcoin related to the Silk Road case, currently valued at $6.5 billion. 💰
Following the news, Bitcoin fell over 2.5% within 24 hours, now priced at $94,400. 📉
Historical U.S. Bitcoin Auctions:
• June 2014: First auction of 30,000 BTC, price steady around $600, no major drop.
• December 2014: Second auction of 50,000 BTC, fluctuated between $300-$400, no continuous decline.
• March 2015: Auctioned another 50,000 BTC, market panic reduced, prices stabilized quickly.
• November 2015: Cumulative auction of hundreds of thousands of BTC, no major market disruption, symbolizing Bitcoin’s “legitimate investment” status.
#BitcoinAuction #MarketImpact #SilkRoad #DOJ
On January 9, a DOJ official confirmed approval to dispose of Bitcoin related to the Silk Road case, currently valued at $6.5 billion. 💰
Following the news, Bitcoin fell over 2.5% within 24 hours, now priced at $94,400. 📉
Historical U.S. Bitcoin Auctions:
• June 2014: First auction of 30,000 BTC, price steady around $600, no major drop.
• December 2014: Second auction of 50,000 BTC, fluctuated between $300-$400, no continuous decline.
• March 2015: Auctioned another 50,000 BTC, market panic reduced, prices stabilized quickly.
• November 2015: Cumulative auction of hundreds of thousands of BTC, no major market disruption, symbolizing Bitcoin’s “legitimate investment” status.
#BitcoinAuction #MarketImpact #SilkRoad #DOJ
The news about the U.S. The Department of Justice (DOJ) selling $6.5 billion worth of Bitcoin seized from the Silk Road likely has the following potential effects on Bitcoin's price:
Short-term Impact:
Bearish Pressure: The announcement of a large Bitcoin sale, especially by a government, typically causes fear of oversupply in the market. This could lead to a short-term drop in Bitcoin's price as traders anticipate the market's ability to absorb such a large quantity of BTC.
Long-term Impact:
Neutral or Recovery: If the sale is executed gradually or through private institutions instead of dumping on exchanges, the long-term effect on price might be minimal. Bitcoin has shown resilience to similar events in the past
#DOJ #BTC
Short-term Impact:
Bearish Pressure: The announcement of a large Bitcoin sale, especially by a government, typically causes fear of oversupply in the market. This could lead to a short-term drop in Bitcoin's price as traders anticipate the market's ability to absorb such a large quantity of BTC.
Long-term Impact:
Neutral or Recovery: If the sale is executed gradually or through private institutions instead of dumping on exchanges, the long-term effect on price might be minimal. Bitcoin has shown resilience to similar events in the past
#DOJ #BTC
The 🇺🇸 DOJ has been cleared to sell a massive $6.5B worth of seized Silk Road #Bitcoin! 💥
🚨 JUST IN: 🚨
The 🇺🇸 DOJ has been cleared to sell a massive $6.5B worth of seized Silk Road #Bitcoin! 💥
What impact will this have on the market? Could it shake things up or just be a blip? 🤔 Let’s hear your thoughts! 👇
The 🇺🇸 DOJ has been cleared to sell a massive $6.5B worth of seized Silk Road #Bitcoin! 💥
What impact will this have on the market? Could it shake things up or just be a blip? 🤔 Let’s hear your thoughts! 👇
🚨 $6.49 Billion Bitcoin Drama: DOJ under Biden to Sell-Off BTC???
There are rumors that Biden’s DOJ is about to auction off 69,370 BTC (a casual $6.49 billion!). Talk about a plot twist worthy of a Hollywood script.
These coins were snagged from the infamous Silk Road hack. “Individual X” apparently got them by poking around a vulnerability, then handed them over to Uncle Sam.
Court documents from Dec. 30 say the DOJ can seize the BTC—cue mass speculation that a giant sell-off is coming.
Why does it matter?
A massive dump like this could rattle the market harder than your phone at 2 a.m. Remember how the German sell-off (worst idea the Germans had since WW2)? It made waves across the world and had a major impact on the bitcoin price, so be careful! Some folks are whispering about a U.S. “strategic bitcoin reserve,” so why would they sell? No one knows.
Potential Fallout
- Panic Selling: If the DOJ dumps, it might spark a short-term price dive.
- Market Opportunists: Where some see doom, others see a chance to scoop up cheap BTC.
- Policy Shifts: This could reignite debates over how governments handle seized crypto.
Tips to Stay Cool While Everyone Else Freaks Out
1. Price Alerts: Download apps like CoinStats or Crypto.com to set notifications for sudden BTC price drops.
2. Watch On-Chain: Check out Arkham Intelligence or CryptoQuant for big wallet movements.
3. Keep Informed: Follow official sources and recognized crypto outlets—CoinDesk, Cointelegraph, etc.
Whether or not the DOJ actually flips the “Sell” switch, this news is a reminder that anything can happen in crypto.
So keep your eyes peeled, stay on top of the data, and follow @Professor Mende - Bonuz Ecosystem Founder to be in the loop!
#Bitcoinprice #DOJ #BitcoinReserve #Biden #TRUMP $BTC
There are rumors that Biden’s DOJ is about to auction off 69,370 BTC (a casual $6.49 billion!). Talk about a plot twist worthy of a Hollywood script.
These coins were snagged from the infamous Silk Road hack. “Individual X” apparently got them by poking around a vulnerability, then handed them over to Uncle Sam.
Court documents from Dec. 30 say the DOJ can seize the BTC—cue mass speculation that a giant sell-off is coming.
Why does it matter?
A massive dump like this could rattle the market harder than your phone at 2 a.m. Remember how the German sell-off (worst idea the Germans had since WW2)? It made waves across the world and had a major impact on the bitcoin price, so be careful! Some folks are whispering about a U.S. “strategic bitcoin reserve,” so why would they sell? No one knows.
Potential Fallout
- Panic Selling: If the DOJ dumps, it might spark a short-term price dive.
- Market Opportunists: Where some see doom, others see a chance to scoop up cheap BTC.
- Policy Shifts: This could reignite debates over how governments handle seized crypto.
Tips to Stay Cool While Everyone Else Freaks Out
1. Price Alerts: Download apps like CoinStats or Crypto.com to set notifications for sudden BTC price drops.
2. Watch On-Chain: Check out Arkham Intelligence or CryptoQuant for big wallet movements.
3. Keep Informed: Follow official sources and recognized crypto outlets—CoinDesk, Cointelegraph, etc.
Whether or not the DOJ actually flips the “Sell” switch, this news is a reminder that anything can happen in crypto.
So keep your eyes peeled, stay on top of the data, and follow @Professor Mende - Bonuz Ecosystem Founder to be in the loop!
#Bitcoinprice #DOJ #BitcoinReserve #Biden #TRUMP $BTC
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DOJ Gets Permission to Sell $6.5 Billion Worth of Bitcoin Seized from Silk Road
On December 30, a federal judge granted the U.S. Department of Justice (DOJ) permission to sell 69,370 Bitcoins seized from Silk Road, an illegal darknet marketplace. The ruling marks the end of a long-running dispute over ownership of the Bitcoins.
Case Background
The Bitcoin seized in 2020 came from “Individual X,” an anonymous person who turned the assets over to the government. Silk Road, the platform where the Bitcoins were used, was once a hub for the illegal trade before being shut down by the U.S. government in 2013.
Case Background
The Bitcoin seized in 2020 came from “Individual X,” an anonymous person who turned the assets over to the government. Silk Road, the platform where the Bitcoins were used, was once a hub for the illegal trade before being shut down by the U.S. government in 2013.
The U.S. Department of Justice has received court approval to liquidate 69,370 Bitcoin seized from the Silk Road, valued at approximately $6.5 billion. This decision follows a lengthy legal battle and aims to mitigate potential losses due to Bitcoin's volatility. The liquidation is set against the backdrop of an incoming administration that previously opposed such sales, raising questions about future regulatory approaches to cryptocurrency. Market analysts predict that the impact on Bitcoin prices will be closely monitored as the sale unfolds.
#Bitcoin #Cryptocurrency #SilkRoad #DOJ #Regulation
#Bitcoin #Cryptocurrency #SilkRoad #DOJ #Regulation