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Here's Coin Center's take:
Coin Center’s Seven Takeaways from the Storm Verdict:
▪️ 1. The sole conviction—unlicensed money transmission (18 U.S.C. § 1960)—turns mainly on legal/regulatory interpretation (“does this count as money transmission?”), not jury fact-finding.
▪️ 2. The court, at the motion-to-dismiss stage, discounted FinCEN’s stated guidance on what counts as “money transmission” in crypto and treated the category as broader than “control of customer funds.”
▪️ 3. With “money transmission” defined that broadly, the jury’s room to decide facts was narrow; the court’s interpretation largely dictated the outcome.
▪️ 4. DOJ’s prior “end regulation by prosecution” memo didn’t fully resolve §1960 issues left things open for continued prosecution; the DOJ dropped the failure-to-register theory but not the “knowingly transmitting criminal funds” theory. Coin Center’s view: both hinge on “transmitting” and are improper against developers excluded by FinCEN guidance.
▪️ 5. The BRCA (Blockchain Regulatory Certainty Act), now attached to CLARITY and passed by the House, would confirm that non-controlling developers aren’t money transmitters. It can’t help Roman retroactively, but the Senate should pass it in upcoming market-structure debates.
▪️ 6. Coin Center fellow Michael Lewellen is suing DOJ for a declaration that publishing/maintaining his software isn’t unlicensed money transmission. Coin Center will continue supporting this effort to correct the legal interpretation.
▪️ 7. Coin Center is sorry Roman faces sentencing on a theory that contradicts the regulator’s guidance. He should appeal the denial of his motion to dismiss; Coin Center will assist however possible.
That's good news about the pending legislation. Let's hope it passes.
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