Amanda Tuminelli

@atuminelli

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314 Followers

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Jake Chervinsky

For years, the SEC was unwilling to answer even simple questions like "are stablecoins securities?" It's great to see the SEC give such a clear explanation as to why the answer is "no" under both the Howey and Reves tests. This SEC is cleaning up the mess 🌟 https://x.com/davidsacks47/status/1908263063650001144

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DeFi Education Fund

1/ On Friday, DEF submitted an Amicus Brief supporting James Harper as he petitions the U.S. Supreme Court (SCOTUS) for a Writ of Certiorari. In this legal brief, DEF is urging SCOTUS to hear Harper’s case. https://www.defieducationfund.org/post/def-submits-amicus-brief-to-protect-american-s-fourth-amendment-rights Why? Let’s dive in 👇

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Amanda Tuminelli

This nuance is important👇 - we celebrate Treasury complying with the court order with respect to the Tornado website and immutable smart contracts, but Semenov (the developer!) is still designated. The work continues. https://x.com/m_mosier_/status/1903106711050756580?s=46&t=YO0b1U63huDV__W5NJ3LQw

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Amanda Tuminelli

This tracks. I’m a Builder-Decentralist (-8.9, -6.3) on the Onchain Alignment Chart! Check out your position:

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Amanda Tuminelli

5/ I am also incredibly grateful to @millercwl, a true partner and fierce DeFi advocate, for putting this org in such a strong position to carry our mission forward. Miller built DEF into the org it is today, and DEF’s good reputation is a direct result of his integrity and his thoughtful, pragmatic vision for the future of DeFi. So much of the hugely consequential work he does is behind the scenes, but trust me, if you are using or building DeFi, you have benefitted from his work. Thankfully, he is not going far and will continue to be on the DEF team as we take advantage of the most pro-crypto environment we have ever had to get to durable wins for DeFi.

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Amanda Tuminelli

4/ This is an important moment for decentralization, and I am incredibly excited about what’s ahead for DeFi and DEF. I and the entire DEF team welcome your thoughts as we head into our next chapter. I want to hear from you – what are your policy or regulatory questions, hopes, priorities, fears? My DMs are open.

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Amanda Tuminelli

3/ We are committed to fighting for DeFi through education and advocacy. We will explore new ways to explain the value of DeFi and protect the rights of the software devs who make it possible. We will continue to advance DeFi’s cause in the halls of Congress, the meeting rooms of regulatory agencies, and courtrooms across America.

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Amanda Tuminelli

2/ Right now, we have a unique opportunity to shape the future of DeFi policy in the United States. At DEF, we are prioritizing *durable wins* – wins on the legislative, regulatory, and judicial fronts that set DeFi up for long-term success.

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Amanda Tuminelli

I am excited to share that I am stepping into a new role as Executive Director @fund-defi. My friend and brilliant colleague, @millercwl, will be stepping down as CEO, but will continue to advocate for DeFi as a member of the DEF Board.

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Amanda Tuminelli

Link to the order: https://www.courtlistener.com/docket/68002980/114/risley-v-universal-navigation-inc/

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Amanda Tuminelli

A huge win for @uniswap and software devs everywhere today. The 2d Cir affirmed the dismissal of fed securities claims in Risley v. Uniswap Labs. "The threshold issue in this case is whether the developers of automated computer codes that facilitate the transfer of cryptocurrency on a decentralized exchange may be held liable under federal securities laws for the alleged fraudulent conduct of third parties on that exchange." Inject it into my veins: "In sum, we agree with the district court that it “defies logic” that a drafter of a smart contract, a computer code, could be held liable under the Exchange Act for a third party user’s misuse of the platform . . . Accepting Plaintiffs’ allegations as true, the district court appropriately determined that Defendants’ smart contracts were, at best, collateral to the third parties’ scam token activities and the type of tangential activity that falls outside of Section 29(b)."

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Amanda Tuminelli

In this paper @spencerpeek explains why devs of non-custodial software Samourai Wallet do not meet the legal definition of operating an unlicensed money transmitting business under criminal statute 18 USC 1960 and how DOJ’s indictment on that charge is unsupportable. Important contribution to the effort to push back on DOJ’s misinterpretation of Section 1960 💪

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DeFi Education Fund

“The same intuitive principle that governs our understanding of car manufacturer and driver liability should be the foundation of sensible policymaking in the context of decentralized networks and protocols.” Today, @a16zcrypto published a piece authored by DEF’s @millercwl & @atuminelli discussing why sound policymaking for crypto should always start from an analysis of “control” in a given system. 🧵 https://a16zcrypto.com/posts/article/doj-actions-against-defi/

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Latest Glitch is out! We delved further into the implications for crypto software development of the DOJ's prosecutions of Roman Storm and the Samourai Wallet developers. The piece draws on a panel discussion I moderated last week featuring @atuminelli, @jchervinsky, @valkenburgh, and @cyloncat https://www.projectglitch.xyz/p/the-anti-crypto-army-lost-but-developers Please subscribe and follow along!

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DeFi Education Fund

Today, we are excited to share that Jennifer Rosthenthal has joined DEF as our Chief Communications Officer 🚀 https://www.defieducationfund.org/post/defi-education-fund-def-is-pleased-to-welcome-jennifer-rosenthal-as-chief-communications-officer

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Daniel Barabander

I’m biased but this is an excellent read, in tune to tech and law. My favorite :).

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Daniel Barabander

There is no law more existential for crypto projects than § 1960, which makes it a crime to operate an “unlicensed money transmitting business.” § 1960 is front and center in the Tornado Cash case, where a court held in September that Roman Storm could violate the statute even without control over user funds. Today, @atuminelli, @jchervinsky, and I published the most detailed analysis I’m aware of on how to interpret the statute in The International Academy of Financial Crime Litigators. Our core finding: § 1960 requires control, so the Tornado Cash court got it wrong. Check out the article here: https://edit.financialcrimelitigators.org/api/assets/cd682a1c-1cb0-4c99-a491-ac6155f4bdc2.pdf.

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Amanda Tuminelli

5/ This paper is just the beginning. We plan to work with others who care deeply about this issue to move Congress to amend Section 1960 so that it cannot be misused to target digital asset industry participants who were never meant to be defined as “money transmitting businesses.” If you care about this issue, we hope you will work with us and support our efforts. I am grateful to work with brilliant lawyers in this space. Thank you to my co-authors, @millercwl, and our friends at Arktouros for their intelligent contributions, patience with many rants, and sharing passion about this subject.

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Amanda Tuminelli

4/ Section 1960 is at the heart of the criminal prosecutions against the devs of Tornado Cash and Samurai Wallet, and an untold number of developers subject to confidential DOJ investigations. We use the Roman Storm case as a study throughout this paper to explain how a self-custodial protocol that never takes control over user funds is not a “money transmitting business.” So why does this matter? Because a badly-written statute = far too much room for the DOJ to use “prosecutorial discretion” to interpret the law ad hoc and go after projects that Congress never intended to include in the statute’s reach. The DOJ has many tools available to go after money laundering - Section 1956 is written expressly for that purpose - and it should rely on them to go after bad actors who are on notice that they are violating the law.

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Amanda Tuminelli

3/ Next, though it is often overlooked as a requirement, the government must also prove a defendant runs a “business” for the purpose of Section 1960. We argue that a “business” is characterized by three elements: 1) operation of a commercial enterprise established specifically for money transmission; 2) completion of multiple transmissions of money; and 3) receipt of a fee paid by a customer specifically for the service of money transmission. We also explore Section 1960’s mens rea requirement - “knowingly” - and argue that Supreme Court precedent dictates that the longstanding common law presumption of mens rea should apply and the government must prove that a defendant knew of the applicable obligations with which his business failed to comply in order to sustain a conviction under Section 1960(b)(1)(B).

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