I am very concerned that the courts, these AUSA's prosecuting crypto crime, and the IRS do not seem to understand the difference between using LIFO to: (1) establish the amount of assets that flowed through a very limited set of KNOWN parties and a very limited set of their KNOWN accounts. (2) trace $148k through TEN unattributed wallets on the blockchain, each of which do somewhere between $4m in volume and $1.5 billion in volume, to establish that the last wallet in the chain received the victims funds and then sent out the victim's funds to Tornado Cash. I've never seen anything like this. I've never worked with a single fed who would back a freeze like this. I wouldn't back a freeze like this. Doing so runs a real risk in freezing an innocent third-party's funds unlawfully. It almost certainly does not impact the actual criminal—the thief, or their money laundering counterparts. Thus, it would not create recourse for the victims of the original crime.

Congratulations @_jikim - an admirable leader for CCI and a true champion for the industry.

DeFi regulation is a sticking point in the market structure bill debate. CLARITY passed the House with good but not great protections for DeFi developers. We need to fight for more in the Senate. This is no time to compromise just to “get a bill done.” Protect DeFi or no deal.

DeFi *IS* different. Thank you @CongressmanGT for championing DeFi on the House floor: "Congress is making an unambiguous statement that DeFi is different and it should be treated differently from the centralized, custodial intermediaries. Protecting this emerging technology is an essential purpose of the CLARITY Act." We could not agree more.

A few moments ago on the House Floor, @RepFrenchHill acknowledged that "decentralized finance or DeFi developers do not take custody of user assets, nor do they control user assets. Therefore, we should not treat them in the same way we treat centralized actors who do have custody, who do have control over assets." Thank you Chair Hill for recognizing DeFi's unique characteristics.

Day 1 of the Roman Storm trial is in the books, and perhaps we need to make something clear to the government: Normal 👏people 👏also 👏deserve 👏 financial👏 privacy👏 Privacy is NOT a crime.

The CLARITY Act represents meaningful progress towards greater regulatory clarity for the digital asset industry and critical protections for DeFi developers, users, and technology in the US. In a new DEF Blog, we outline what CLARITY means for DeFi.

1/ DEF is excited to see the House vote on three important pro-crypto bills this week. Each bill is a meaningful step forward for digital assets in the U.S. and will help ensure the U.S. stays competitive in a rapidly evolving digital economy.

Developers must not be held liable just for publishing code I appreciated @SenatorHagerty’s question on how best to protect DeFi developers The Blockchain Regulatory Certainty Act by @GOPmajoritywhip and @ritchietorres would do just that

With @rstormsf's trial starting tomorrow, DEF put together a helpful backgrounder to get everyone up to speed. "Today, the target is Tornado Cash... tomorrow it could be the developers of a VPN, an encrypted messaging app, or a peer-to-peer file sharing tool."