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Marisa Tashman Coppel
Marisa Tashman Coppel kirjasi uudelleen
Since our statement on Friday, we've received overwhelming support from across the crypto, tech, and venture communities. We want to sincerely thank you all for standing behind us.
The DOJ has now backtracked. They have stated on the record in the trial Monday morning that the media reports that they were planning to bring charges against Dragonfly were inaccurate, and neither Dragonfly nor any of its principals are targets in their investigation.
The DOJ's public statements on Friday in open court—that Dragonfly, as investors, could face prosecution merely for backing an open-source privacy technology—was not only unprecedented, it was a clear violation of DOJ policy. They are never allowed to speculate on prosecuting a third party in open court in front of the media. The prosecutors did this to prevent us from testifying for the defense. But even the notion that an investor could be charged would have induced a chilling effect on investment into blockchain and privacy-preserving technologies.
We sincerely thank you all for your support. With that behind us, the focus should remain on Roman Storm's trial, which is now nearing closing arguments as soon as this week. Its outcome will have massive implications for open-source software and privacy rights in America.
We are hopeful that the American judicial system will get this right.
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Marisa Tashman Coppel kirjasi uudelleen
As of Thursday, in their Rule 29 response, the DOJ is still pushing this theory that Storm, by publishing TC software, provided a "valuable service" to a sanctioned entity because DPRK used the protocol. This flawed principle is limitless: if I make a hammer with no particular end user in mind and somehow that hammer ends up being used by DPRK, I provided them a "valuable service."
But you don't see them going after Apple for the iPhone, Google for its tech suite, etc., even though these tech tools are used by the DPRK. That's because this is a gross distortion of the law.
Back when we @fund_defi @jchervinsky wrote our amicus brief in support of @rstormsf's MTD, we reviewed over 100 sanctions cases and provided the court with a table of them - in every single case there was nexus between the sanctioned entity and the defendant, some evidence the defendant directly connected with the SDN or created a tool *for* the SDN specifically. There was no case - none - where a defendant made a tool with no particular end user in mind and was then convicted of violating sanctions because an SDN ended up with that tool in hand.
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Bringing criminal charges against investors in an open-source protocol would be an insane abuse of power that would set a dangerous precedent.
The Trump administration says that it wants to make the US the crypto capital of the world. Well, this is NOT the way to do that.
26.7. klo 00.37
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.
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Marisa Tashman Coppel kirjasi uudelleen
Yes. So many staff members worked in good faith, dove deep into the tech, thought hard about all of the (sometime competing) policy goals, and gave up mountains of sleep in order to craft the wildly bipartisan crypto bills voted on today. Gratitude to the lawmakers but very much also to their staff doesn’t even cover it. Amazing work. And perhaps given how divisive politics can feel lately, @xethalis’s point is all the more important. ❤️🙏
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Marisa Tashman Coppel kirjasi uudelleen
Thank you to @SenatorTimScott and the Senate Banking Committee for the opportunity to testify today.
I am grateful for the substantive discussion.
@blockchainassn stands ready to support our policymakers as they advance market structure legislation. @BankingGOP @SenateBanking
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Marisa Tashman Coppel kirjasi uudelleen
1/ NEW: Last night, DEF, @paradigm, @btcpolicyorg, @BlockchainAssn, @crypto_council, @DigitalChamber, @SolanaInstitute, & @UniswapFND, filed an amicus brief in @LewellenMichael’s case against the DOJ in support of Lewellen’s opposition to the DOJ’s motion to dismiss.
Let’s dive in 🧵
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