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DeFi Education Fund

@fund-defi

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DeFi Education Fund
@fund-defi
2024 was pivotal for DeFi & crypto policy. We worked tirelessly to educate lawmakers on DeFi’s promise, how it works, and the importance of protecting developers’ and users’ rights. Read our year-end note for a recap of our work + a glimpse into 2025. https://www.defieducationfund.org/post/2024-year-in-review
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DeFi Education Fund
@fund-defi
end/ Be sure to check out another recent paper from the DEF team on the BSA. https://warpcast.com/fund-defi/0x37fe0ccf
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DeFi Education Fund
@fund-defi
5/ Lastly, and importantly, the paper calls on Congress to change the law, specifically by amending section 1960 to clarify the original intention: “only those who knowingly control criminal funds should be treated as criminals themselves.”
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DeFi Education Fund
@fund-defi
4/ Section 1960 is at the center of the Tornado Cash and Samurai Wallet criminal cases. Given the upcoming Storm trial in April, where the government will have to prove Storm violated Section 1960 among other criminal code provisions, the argument in this paper is central to important legal issues facing the digital asset industry.
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DeFi Education Fund
@fund-defi
3/ With the advent of permissionless, disintermediated blockchain technology, a new tension arose between the reality of this tech and the government’s focus on preventing crime. While the government has historically relied on the Bank Secrecy Act, the government has recently relied on Section 1960 more and more to address money laundering. While the paper is about Section 1960 more generally, it uses Tornado Cash as a case study for legal analysis.
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DeFi Education Fund
@fund-defi
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DeFi Education Fund
@fund-defi
In a paper published today in The International Academy of Financial Crime Litigators, DEF’s @atuminelli along with @jchervinsky & @dbarabander from @variant take a deep dive into the law on unlicensed money transmitting businesses, 8 U.S.C. § 1960, and argue that, based on an extensive review of the case law and statutory history, control over customer funds is necessary to define an entity as a “money transmitting business” - a business that “transfers funds on behalf of the public.” 🧵👇 https://www.defieducationfund.org/post/def-publishes-new-paper-in-in-the-international-academy-of-financial-crime-litigators
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DeFi Education Fund
@fund-defi
end/ As we approach the beginning of a new Congress, establishing certainty around this core issue for DeFi developers and users will remain a core focus of DEF. If you have any questions or want to connect with a member of our team on this issue further please shoot us a DM or reach out to [email protected]
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DeFi Education Fund
@fund-defi
4/ Furthermore, the paper argues why it is necessary for Congress to step in and clarify that the BSA is not applicable across the blockchain technology stack and enact something into law in the spirit of Rep. Emmer's Blockchain Regulatory Certainty Act and Rep. Davidson's KYC Act. https://www.congress.gov/bill/118th-congress/house-bill/1747 https://www.congress.gov/bill/118th-congress/house-bill/4841/text#:~:text=To%20prohibit%20Federal%20agencies%20from,use%2C%20and%20for%20other%20purposes
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DeFi Education Fund
@fund-defi
3/ In this new paper, DEF investigates the history and design of the BSA, its application to crypto, and explains why software providers and operators across the technology stack are not subject to the BSA.
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DeFi Education Fund
@fund-defi
2/ The BSA, a law from the 1970s that is a central instrument in government surveillance of American financial transactions, had no way of foreseeing the rise of the internet and the ability to transact without traditional intermediaries.
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DeFi Education Fund
@fund-defi
It’s no secret. The Bank Secrecy Act (BSA) has been a mainstay of policy debates around crypto more broadly in the United States. That is why DEF’s Lizandro Pieper and Gavin Zavatone decided to do a deep dive 🧵 👇 https://www.defieducationfund.org/_files/ugd/84ba66_a568e222f78048e2a8625abb76d3b0fc.pdf
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DeFi Education Fund
@fund-defi
end/ Lastly, we are incredibly grateful to Kentucky, Nebraska, Tennessee, West Virginia, Iowa, Texas, Mississippi, Montana, Arkansas, Ohio, Kansas, Missouri, Indiana, Utah, Louisiana, South Carolina, Oklahoma, and Florida that brought this action and appreciate the court’s consideration. We will continue to update the community on this case so be sure to be following DEF 🫡
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DeFi Education Fund
@fund-defi
4/ DeFi and crypto broadly will make the digital economy more accessible, efficient, interoperable, dependable, and consumer-focused. The SEC currently stands as a barrier to realizing this promise.
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DeFi Education Fund
@fund-defi
3/ The complaint also asks the Court to issue an order stopping the SEC “from bringing enforcement actions premised on the failure of digital asset platforms facilitating such secondary transactions to register”
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DeFi Education Fund
@fund-defi
2/ The complaint asks the Court to declare: - that a “digital asset transaction is not an investment contract” under the securities laws “if it does not transfer any stake in any enterprise that the seller or anyone else has an obligation to manage for the asset owner’s benefit and share resulting profits”; - that digital asset platforms that facilitate secondary tx that lack those characteristics need not register as securities exchanges, dealers, brokers, or clearing agencies; - that the SEC violated the Administrative Procedure Act by adopting a policy that secondary tx in common digital assets are uniformly “investment contracts,” and platforms that facilitate such tx are securities exchanges, broker-dealers, and clearing agencies subject to registration requirements; and - that the SEC’s refusal to promulgate that policy through notice-and-comment rulemaking violated the APA.
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DeFi Education Fund
@fund-defi
We are honored to join Kentucky, Nebraska, and 16 other States, in a lawsuit against the SEC to clarify the law related to digital assets and prevent the SEC from “continuing its unlawful campaign of regulatory overreach” in crypto. 🧵 https://www.defieducationfund.org/_files/ugd/84ba66_02733b093d6e43b79dc222f9f7777f08.pdf
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DeFi Education Fund
@fund-defi
🚀 Spring 2025 Legal Internship Opportunity 🚀 Are you a law student passionate about the future of DeFi and crypto broadly, and looking to gain hands-on experience? Look no further than DEF's Spring 2025 legal internship 🫡 To apply, please share a resume, cover letter, and transcript to [email protected] Additional details can be found at the link: https://www.defieducationfund.org/_files/ugd/84ba66_2cd01ba2ebe3465483d62a59dcf0a1d5.pdf
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DeFi Education Fund
@fund-defi
🚨DEF Job Alert 🚨 DEF is looking to hire a Chief of Staff to provide strategic advice and support directly to our CEO, as well as serve as a resource and unifying force across the organization. If you are a seasoned professional, interested in getting involved in DeFi & DeFi policy, and want to work with an incredibly dedicated and talented group of individuals, then this is the opportunity for you. For more information on the role and instructions on how to apply, check out the job description at the link below. https://defieducationfund.org/_files/ugd/84ba66_62bc1043056049958e5407b2c57b08de.pdf
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Jake Chervinsky
@jchervinsky
1/ As U.S. regulators continue their war on crypto, many founders are thinking about geofencing as a compliance strategy. It can work, but only if it's done right. That’s why @dbarabander and I wrote this Practical Guide to Geofencing: https://blog.variant.fund/newsletter-legal-regulatory-affairs
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