Crypto regulation: DOJ guidance limits 1960 overreach on developers
Sacramento County District Attorney Thien Ho argues that crypto regulation should promote innovation, not rely on “regulation-by-prosecution.” He says federal prosecutors have stretched 18 U.S.C. §1960—meant for unlicensed money-transmitting businesses—to charge software developers building noncustodial, peer-to-peer blockchain tools that never touch user funds.
Ho cites a market signal for the tech sector: the U.S. share of open-source developers fell from 25% (2021) to 18% (2025), which he links to unclear crypto regulation and enforcement risk. He warns the result can be an offshore shift of key infrastructure rather than better public safety.
On the policy side, Ho points to a DOJ memo released in April 2025 titled “Ending Regulation-by-Prosecution.” The DOJ said it would not approve new §1960 charges when evidence shows software is truly decentralized, automates peer-to-peer transactions, and lacks third-party custody/control of user assets. He argues that guidance is not enough and backs the “Promoting Innovation in Blockchain Development Act,” which would restore the original intent of §1960 against unlicensed financial intermediaries.
For crypto traders, the core takeaway is that crypto regulation may be moving toward clearer boundaries for decentralized software—potentially reducing legal risk for infrastructure developers—while enforcement focus remains on custodial platforms and other schemes that knowingly process illicit funds.
Neutral
这篇文章本质上是对“crypto regulation”执法口径的争论与政策倡议：作者称 DOJ 已在 2025 年 4 月通过备忘录限制了对去中心化软件开发者的 §1960 扩张适用，并推动将边界写入法案。对市场的直接影响不算立即可交易的利好/利空，但可能在短期降低“基础设施开发/去中心化协议”相关的法律不确定性溢价，从而对风险偏好形成轻微支撑。
历史上类似的情形常见两种路径：当监管从“突袭式起诉”转向更明确的合规边界（或执行优先级更清晰）时，市场通常先用估值消化不确定性，随后再观察是否出现实际的新执法案例。由于本文强调未来仍会针对“托管平台、明知处理非法资金的主体”等进行执法，因此更可能带来的是风险重新定价（把关注点从开发者转向特定合规/中介环节），而不是整体大幅趋势行情。
因此预期影响偏中性：短期情绪可能略有改善，但中长期取决于法案推进速度、DOJ/检方后续是否持续坚持去中心化软件的“证据门槛”。