Crypto advocacy group Coin Center has criticized OFAC’s indictment of two Tornado Cash developers, arguing they didn’t run an “unlicensed money transmission” because the protocol itself doesn’t fall under FinCEN’s definition of a “money transmitter.”
"The only thing the indictment claims regarding the defendants’ unlicensed money transmission is that they 'engaged in the business of transferring funds on behalf of the public' and did so without registering with FinCEN," wrote Valkenburgh.
He pointed to an interpretation by FinCEN as to what constitutes “money transmission services” under the U.S. Bank Secrecy Act, which states:An excerpt from FinCEN’s Virtual Currency Guidance from 2019. Source: FinCEN. “[A] person that utilizes the software to anonymize the person’s own transactions will be either a user or a money transmitter, depending on the purpose of each transaction.”
“[But] that doesn’t somehow mean that they became transmitters merely because they provided tools that others used to transmit their own money,” Valkenburgh explained.
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