What happened?
The jury reached a verdict in the case of Tornado Cash developer Roman Storm. He was found guilty of operating an unlicensed money-transmitting business. However, the jury was hung on two other counts: conspiracy to commit money laundering and sanctions violations, leading to a partial mistrial.
Who does this affect?
This affects Roman Storm, who is now facing up to 5 years in prison for the conviction. It also impacts Tornado Cash, the cryptocurrency community, and possibly others involved in similar open-source projects with legal implications. Federal prosecutors and Judge Katherine Polk Failla will also play roles in the next steps of this case.
Why does this matter?
This verdict could have significant market impacts, especially for cryptocurrency developers and users concerned about regulatory compliance. It highlights the legal risks associated with blockchain technology and could influence future projects’ operational strategies. The decision also leaves uncertainty about how strongly regulators will pursue similar cases, depending on if Storm’s retrial proceeds on the hung charges.