The US Fights Crypto?
Hey folks.
The government of United States over the course of time has filed cases against multiple crypto firms through regulatory agencies demanding companies for their products and services.
Even though the list is long, a few incidents have come to light, such as legal actions taken against large companies like Binance and Coinbase, decentralized protocols like Uniswap, and cryptocurrency mixing sites like Tornado Cash.
The fight against crypto entities by the United States has gone more severe last year. In early June, within 48 hours, the largest crypto exchanges Binance and Coinbase were sued by the Securities and Exchange Commission. The allegations against them were the same: failing to register as brokers, national securities exchanges, and clearing agencies and violation of the United States securities laws.
Two months after the lawsuits on Coinbase and Binance, the co-founders of Tornado Cash were charged by the Department of Justice accusing them of laundering over $1 billion in criminal proceeds. This occurred a year after the crypto mixer was sanctioned by the Office of Foreign Assets Control due to its connections to cybercrime groups.
Towards the end of the year, crypto exchange Kraken was sued by the Securities and Exchange Commission on the same charges it filed against Binance and Coinbase.
Around the same period, Changpeng Zhao and his exchange Binance were charged by the Department of Justice, with wilfully violating the Bank Secrecy Act. The case resulted in a $4.3 billion fine for the cryptocurrency exchange and a $50 million penalties for CZ's resignation as CEO.
In March, the crypto exchange KuCoin and its founders were charged by the Department of Justice with violating the Bank Secrecy Act and operating an unlicensed money-transmitting business.
For undisclosed reasons, Uniswap Labs, the firm operating the largest decentralized cryptocurrency exchange, was the target of a notice of intent to sue filed by the SEC last month.
Around the same time, Consensys, a blockchain software technology company received a wells notice from the SEC. Also, the founders of Privacy-focused Bitcoin wallet Samourai were arrested and charged by the Department of Justice in the same month.
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The governments are very uncomfortable with the progress Crypto has made so far, even my country feels threatened by it and is fighting tooth and nail, to 'exterminate' it.
But It's expanding lol