Newsletter: Celsius’ Alex Mashinsky pleads guilty to fraud, some Tornado Cash sanctions are overturned, and tech billionaires complain about “debanking”.
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Newsletter: Celsius’ Alex Mashinsky pleads guilty to fraud, some Tornado Cash sanctions are overturned, and tech billionaires complain about “debanking”.
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Former Celsius CEO Alex Mashinsky entered a plea deal in his criminal fraud and market manipulation trial two months before he was set to face trial.
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As someone who writes a lot about crypto frauds, I see a wide range of reactions to them. One unfortunately common reaction is to blame the victim, dismissing them as crypto degens chasing impossible returns. Reality, as it so often is, is a lot more complicated.
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Even as we reflect on Celsius and the massive failures of regulators, politicians are boasting about plans to hobble regulators even further. If they are successful, I fear countless more people will continue to rely on regulators even in their absence, and be ruined because of it.
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The Fifth Circuit overturned some sanctions against Tornado Cash, determining that truly immutable smart contracts cannot be sanctioned. I’m not sure this will meaningfully change the effort to sanction the mixer, and it may actually make things worse for blockchain operators.
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Shady crypto businessmen are already using Trump’s crypto project to funnel money to him, with Justin Sun “investing” $30 million to land an “adviser” role. That should be helpful as he seeks to get out of his various lawsuits and alleged investigations.
#crypto #cryptocurrency #USpol #USpolitics
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Trump is reportedly considering blockchain advocacy group founder Perianne Boring for the role of CFTC chair. She has promised to “make the U.S. the crypto capital of the world”, and her background is as a TV anchor at a branch of the Russian state-owned RT News.
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Trump’s confirmed pick for SEC Chair is more of a conventional pick, as an ex-SEC Commissioner. However, he’s spent a substantial portion of his time since leaving the agency as an adviser to Boring’s crypto advocacy group.
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Finally, crypto and other tech executives got to talking about “debanking” this week: the word they’re using for when their predatory fintech and crypto platforms are deemed too risky by banks (and not to be confused with actual discriminatory debanking).
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It was a packed issue this week. If you like my writing and want to support my work, please consider signing up for a pay-what-you-want subscription! It is how I am able to keep doing this work.
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And if you’re more of a podcast person, don’t forget there’s an audio version of each newsletter embedded on the page or available on your favorite podcasting app. 100% my real voice, no uncanny robovoice.
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Happy Jack Smoochesreplied to Molly White on last edited by
@molly0xfff I bought and sold crypto knowing that there will be criminals out there. I stayed with a repudiable (?) coin base. I really don't much sympathy for those who lost out. I knew as they must have that it is the wild west and people who know more than me could scam me.
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Molly Whitereplied to Happy Jack Smooches on last edited by
@twitloyalist people who used Celsius also though they were staying with a reputable firm
