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The Bigger They Are, The Harder They Fall256foundation.substack.com/p/the-bigger-they-are-the-harder-they
107 sats \ 1 comment \ @0xbitcoiner 7h bitcoin

INTRODUCTION:

Welcome to the seventh newsletter produced by The 256 Foundation and supported by Proto! June was an eventful month for the Bitcoin mining industry with events ranging from Bitcoin surpassing block height 900,000 to difficulty dropping ~7.5%. There are several interesting things developing in and around the Bitcoin mining industry so dive in and catch up on the latest news, developments, grant progress updates, Actionable Advice, and the current state of the Bitcoin network. You’ll gain a better understanding of how the closed systems built to block access to freedom enhancing technologies are proving to be the proprietary mining empire’s greatest point of weakness.
...read more at 56foundation.substack
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30 sats \ 0 replies \ @k00b 7h
Dang, this newsletter started in the wrong lane ...
Call me skeptical but I don’t see how this changes anything for developers like Samourai Wallet or Tornado Cash who are currently facing charges, despite their cases being cited as reasons for the call to action to get this legislation passed. Just because developers are not explicitly identified as “financial institutions” doesn’t mean federal prosecutors are going to drop the charges. In fact, there is already guidance widely accepted among a relevant community of industry peers, like the 2019 FinCEN Guidance, which does in fact explicitly identify developers as not being among those who are required to obtain a money transmitters license and federal prosecutors have argued that FinCEN’s opinion doesn’t matter. Furthermore, in both cases prosecutors have already removed the allegations related to the developers not registering as money transmitting businesses which stemmed from 18 U.S.C. § 1960(b)(1)(B). For all intents and purposes, the CLARITY Act will do absolutely nothing for Samourai Wallet or Tornado Cash, although sad that it even needed to be said, it is good to see software developers are not being identified as financial institutions.
FinCEN's guidance isn't law and can be discarded depending on the judiciary. That's why this is a material improvement and should change things for Samourai and Tornado Cash. It wouldn't automatically acquit them of all charges, but it should remove any charges related to money transmission and other regulations that are meant to apply to custodial services.
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