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The pair asked the court to hold the SEC’s case due to the twin case launched by prosecutors and to allow it to assess how Trump’s crypto-friendly policy moves would “impact the SEC’s authority, enforcement priorities, and position on this case.”
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Last week, Ward and Jeremy McNutt responded to a January request from Judge Mark Pittman asking them and the SEC how Donald Trump’s administration and new leadership at the SEC could affect the case.
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The US Federal Deposit Insurance Corporation has been accused of omitting more crypto-related “pause letters” it sent to banks in an ongoing Coinbase-backed Freedom of Information Act lawsuit.
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In turn, these developments could strengthen Bitcoin’s network security. As more use cases generate fees and revenues, miners will be incentivized to maintain and secure the network beyond the last Bitcoin mined by 2140. That can ensure the long-term security and sustainability of the Bitcoin network.
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Unlocking Bitcoin’s liquidity through DeFi will enhance its utility beyond serving as a mere store of value. As advanced infrastructure, new applications and favorable policies emerge, Bitcoin will transform from a passive asset into a productive one, offering yield opportunities and fostering a more dynamic and engaged ecosystem on top of the most established blockchain.
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Pertsev’s case moved forward; he was found guilty and sentenced to more than five years in prison in May 2024. As of January 2025, the Tornado Cash developer remains in custody as his lawyers prepare to appeal the conviction and sentence.
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A similar criminal case in the Netherlands is a different story. In 2022, Dutch officials arrested Alexey Pertsev, who co-founded the crypto mixer with Storm and Semenov, for money laundering.
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Storm is free on bail before his April 2025 trial and didn’t spend his holidays locked in a prison cell. His colleague, Roman Semenov, was not in custody and was on the FBI’s most-wanted list at the time of publication.
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Merrin said he anticipates the bill will be used as a framework for Ohio’s next legislative session as the bill will need to be reintroduced in the next legislative session as the current one is set to end on Dec. 31, and all bills will “die.”
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“The U.S. Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,” Merrin said in a statement. “Ohio must embrace technology and protect tax dollars from eroding.”
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“So too is any acknowledgement that he has repeatedly been accused of, investigated for, and sued for financial misconduct, and that reports of his alleged misdeeds abound in the press and crypto community more broadly,” Coinbase added.
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The Coinbase filing referenced Sun’s involvement in alleged misconduct, stating that he has “reportedly violated industry and government standards intended to prevent fraud.” The exchange expressed doubts about BiT Global’s reliability due to its association with Sun.
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“It’s basically just they don’t like Justin Sun,” Pledditor stated, adding that it’s “just guilt by association.”
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Bitcoin enthusiast and Coinbase skeptic Pledditor took to X on Dec. 17 to criticize the exchange for what they described as a lack of substantive arguments in the delisting decision.
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Some have also highlighted that Coinbase itself has been under numerous investigations.
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The filing has drawn sharp criticism from within the crypto community, with many accusing Coinbase of failing to provide adequate legal or technical justification for the delisting.
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In the filing, Coinbase cited risks tied to Sun, including accusations of financial misconduct and regulatory investigations.
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Today in crypto, the cryptocurrency community has fired back against Coinbase’s explanation for delisting Wrapped Bitcoin, an Ohio lawmaker filed a bill for the state to make a Bitcoin reserve, and Crypto.com’s CEO met Donald Trump to talk about crypto policy.
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In some of the letters, the FDIC told the firms to “pause all crypto asset-related activity” or otherwise “refrain from providing” or “expanding” seemingly crypto-related products and services.
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The so-called “pause letters” — which in some cases have entire pages censored — show that the FDIC asked 23 financial institutions about their crypto-related activities.
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