Tornado Cash: Roman Storm Don Convict for Unlicensed Service
Roman Storm, wey be co-founder for Tornado Cash, dem convict am on August 6 for conspiracy to run unlicensed money transmitting service, na im be di first US conviction for Tornado Cash case. Di jury no fit agree on di charges of conspiracy to do money laundering and breaching North Korea sanctions, so dem clear am for dem charges. Him fit risk five years prison for sentencing hearing later dis year. Di prosecutors apply to revoke im $10 million crypto-backed bail but Judge Katherine Polk Failla reject am because Storm dey comply and get US family ties. Supporters don raise more than $3 million to defend am, wey show say di industry dey split on DeFi privacy tools.
Dis mixed verdict show say regulators dey watch decentralized finance (DeFi) platforms and privacy mixers waka serious. US authorities talk say Tornado Cash dey help money laundering, but supporters warn say too much regulation fit kill innovation and user privacy. Traders suppose dey watch how compliance rules go be for DeFi protocols and how enforcement dey change, especially for Tornado Cash and privacy-focused tokens.
For short term, di verdict fit make people no too like privacy coins, but e clear di legal risk for mixer services. For long term, e fit bring new DeFi regulations or strong enforcement actions. Crypto traders go need watch DOJ retrial decisions and new regulatory frameworks wey fit change market structure and trading ways.
Bearish
Di mixed verdict wey dem try for Tornado Cash case don con cause short-term wahala for tokens wey dey focus on privacy. The conviction for unlicensed transmission charges and di risk say dem fit try am again for other unsettled counts make legal palava for Tornado Cash and other similar privacy mixers, e fit make trading sentiment go down. For long term, as regulators go dey watch more, dem fit bring better compliance rules wey go make operations cost more and make demand for token reduce. Traders suppose prepare for possible sell-offs and gbege for privacy token market while dem dey watch how enforcement waka.