Dragonfly invested into PepperSec, Inc., the developers of Tornado Cash, in August of 2020. We made this investment because we believe in the importance of open-source privacy-preserving technology. Prior to our investment, we obtained an outside legal opinion that confirmed that Tornado Cash as built complied with the law, under the guidance given by FinCEN in 2019. The government has now stated in open court that they are contemplating charges against Dragonfly for having invested into the Tornado Cash team in 2020. On counsel’s advice, we have refrained from public comment. But we can no longer remain silent. We believe deeply in Americans’ right to privacy, and the lack of it remains one of crypto’s largest unsolved problems. We therefore stand by our investment. We did not operate or exercise any control over Tornado Cash, we had no contact with any malicious users, we always encouraged our portfolio companies to follow the law, and we maintain that Tornado Cash itself has a lawful right to exist—a view reinforced by Van Loon v. Department of the Treasury and OFAC’s subsequent rescission of sanctions. Charging a venture firm for a portfolio company’s alleged misconduct would be unprecedented, especially under these circumstances. In 2023 we received a DOJ subpoena and have fully cooperated with the government’s investigation of Tornado Cash, confident that we have always complied with the law. The DOJ has made clear that we are not ourselves a target of their investigation. As with every investment, we provided PepperSec the same advice and support we offer all portfolio companies. We believe the government’s statement in court today was primarily to undermine a defense of Tornado Cash—to make it more difficult for the defense to call Tom to testify on the stand. After all of this time—years later—bringing charges against Dragonfly would be outrageous, contrary to the facts and the law, and would induce a chilling effect onto all investment into crypto and privacy-preserving technologies in America. We don’t believe the DOJ would actually bring such absurd and groundless charges. But if they do, we intend to vigorously defend ourselves.

Seems as though the DAT phenomenon is quite divisive, wanted to share some thoughts on why we thought this was a worthwhile pursuit:

Crypto is getting CLARITY! + new legal categories, exemptions, and one bureaucratic nightmare. Still bullish tho! Shoutout @RebeccaRettig1 for the legal alpha! Timestamps 00:00 Intro 01:06 The GENIUS Act 04:38 Tech Companies & Stablecoins 08:38 Predictions for the Future of Stablecoins 26:25 The CLARITY Act Breakdown 32:27 Important Definitions 34:38 New Exemptions for Token Sales 41:12 Mature Blockchain Certification Process 45:27 DeFi Activity Exemptions & Regulations 48:03 New Categories for Spot Crypto Registrants 55:52 Solana's Block Assembly Marketplace (BAM) 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: 🎧 Spotify: 🍎 Apple: 🎙 Podcast Home:

new ios app — Passport passport lets you "take your tools with you" as you navigate across AI tools, contexts, and models. really its just an awesome MCP manager but it goes a lot further and attempts to solve some really big pain points I've had and have witnessed others have. MCP was released just 8 months ago and its overwhelming changed how we work with LLMs. i think over the next year we'll see more use cases and the need to simplify this experience felt important. few things i love about it: 1. no complex installation instructions - one tap/copy and paste 2. organization - see which MCPs are used where and for what project/app (syncing coming in v1.1) 3. bookmarking! i see so many great MCPs and just don't have a good way to save for later. launching first thing next week!

Ethena is set to become the first stablecoin developer whose product has a clear path to full compliance with the U.S. GENIUS Act Through our partnership with @Anchorage, the only federally chartered crypto bank, USDtb will move onshore to become a U.S. federally regulated payment stablecoin

Some personal news 🙌 I’m super excited to share that I’m joining @dragonfly_xyz to build out portfolio support! Thrilled to be working with some of the most brilliant folks in crypto and excited to learn from powerhouses @casatay @hosseeb @tomhschmidt and the whole team!

BREAKING: Tarun confirms he is emotionally short crypto. He’ll explain why in this week’s episode, whether you want to hear it or not: Timestamps 00:00 Intro 01:18 Pump ICO Breakdown 06:54 Pump's Unique Market Design 10:57 Future of ICOs and Market Trends 21:36 Hyperliquid's Role in Pump Launch 23:21 Tarun’s Despair: Dumping on Retail 32:26 Crypto Week and Legislative Updates 41:23 Polymarket Investigation Dropped 47:29 Altcoin Rally and Market Sentiment 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: 🎧 Spotify: 🍎 Apple: 🎙 Podcast Home:

Why is there still an “Election” tab?

Need bias? DM us. @holyn x @quasimatt

The secret is out. We’re officially teaming up with @eightsleep, the sleep system that powers our performance on and off the mic.