CandleFocus Judge rules crypto protocols can be money transmitters without control
2024-09-27
Author: Content Editor
A US judge has ruled that control of money is not a prerequisite for operating a money transmitter under the Bank Secrecy Act (BSA). This decision has implications for the crypto industry, particularly in legal cases involving Tornado Cash and Samourai Wallet. The judge's ruling allows the government's case against the defendants to proceed, as they are accused of violating BSA requirements. The ruling, although disappointing for the defendants, provides clarification on the issue and highlights that control of funds is just one of four tests used to determine the applicability of BSA requirements. Pro-crypto defenders see the ruling as potentially limiting free speech for software developers. The defendants plan to appeal the ruling.
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