Is DeFi Illegal Now? Tornado Cash Case Update

Today Jake Chervinsky is back on the podcast to discuss Tornado Cash developer Roman Storm's court case and its implications on DeFi and the crypto industry.

Could DeFi be made illegal in the United States? Are DeFi developers going to be prosecuted if criminals use their code? Is it just DeFi? What other sectors could be at risk?

The answers to these and many other questions are discussed in today’s episode.

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✨ Mint the episode on Zora ✨

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TIMESTAMPS

0:00 Intro
4:44 Roman Storm’s Case
12:52 Is DeFi at Risk?
18:20 The Ruling & Its Implications
21:29 Money Transmission Explained
25:52 Roman Storm’s Arrest
30:54 Are All DeFi Protocols At Risk?
36:17 Prosecution of Privacy
43:11 What This Ruling Means & What’s Next
48:41 Best & Worst Case Scenario
53:11 Other Sectors At Risk
57:35 Other Cases
1:03:48 Totalitarian Nightmare
1:08:21 SEC Updates
1:12:00 US Election 2024
1:17:30 Geofencing
1:23:21 Are We Winning & Conclusion

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RESOURCES

Jake Chervinsky

Jake Chervinsky’s Tweet

A Practical Guide to Geofencing

Defend Roman Storm

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Not financial or tax advice. See our investment disclosures here:

[QuincyWalker]

Judge Failla is a hardass, this is going to be a tough trial. I feel like denying dismissal this is not a big deal tho. All the judge said is there is not enough evidence to dismiss and that they should go to trial. That being said the outcome will be interesting

[DL-huyw]

Fantastic discussion. Was listening on podcast but had to come here to pull some of the best quotes. TY

[BitcoinAndCryptoCurrency]

love the animation to explain this simply

[thehoff]

The most important topic in crypto right now.👍

[BitcoinAndCryptoCurrency]

I subscribed to the channel love these videos they explain it very well

[sCiphre]

This is surprising to no one. KYCAML regulations are extremely strict and have always required money businesses to know what they're doing.

[TeleportlabsETH]

As long as there are developers with balls to develop true defi applications, I have the balls to use them.

[BitcoinAndCryptoCurrency]

learning crypto was easy on this video

[郡由美]

I've been following Cortux for a while now, and the team's transparency and progress updates give me a lot of confidence.

[永沢美羽]

Cortux keeps popping up in my crypto circles. Seems like a rising star!

[Alyonze]

Can you please readdress these important topics and reference where you place pulse chain as a relevant example at this time? Thank you

[MasuhoChouno]

The technology behind Cortux is seriously impressive.

[masminor]

DeFi, Wrapped Coins etc., where always a crime so I hope they are illegal now.

[corybeach]

Thank you for covering this topic. Been looking for an update on the case for a while.

[樫山弘子]

That's all nice, but I'm all in on Cortux.

[LilyTearle]

My top picks for bull run are DOT, FIL, and SOL. And best ICO to invest is Cortux, huge potential.

[AntonioMaurer]

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[joelalexander]

it would behoove mr C to stop referring to smart contracts as "autonomous" and "self executing" because it's not correct and is directly contrary to the notion that they are "inanimate".

If you want to de-animate smart contracts in your legal argument don't ALSO make them sound like rogue automata which they are definitely not

[TheRabbitHoledfk]

I'm thinking they'll make specifically money tumblers illegal

[shannonjmgreen]

So at 34:00 Jake is saying that Judge Failla is doing a Gary Gensler. fml