Key Takeaways
- Tornado Cash developer Alexey Pertsev convicted of money laundering by a Dutch judge.
- Grayscale CEO Michael Sonnenshein steps down, replaced by Peter Mintzberg from Goldman Sachs.
- Crypto industry intensifies lobbying efforts in Washington to influence U.S. elections.
- U.S. lawmakers to vote on a crucial bill impacting the future of the crypto industry in the U.S.
Tornado Cash Developer Sentenced
This past week saw a significant development in the crypto world as Tornado Cash developer Alexey Pertsev was convicted of money laundering by a Dutch judge. Pertsev received a 64-month prison sentence for his involvement in illicit transactions on Tornado Cash between July 2019 and August 2022. The verdict has implications for other developers facing similar charges, such as Roman Storm and Roman Semenov in the U.S.
Grayscale CEO Transition
Grayscale CEO Michael Sonnenshein has announced his resignation to pursue other interests. Peter Mintzberg, with over 20 years of experience in asset management, will take over as CEO starting August 15. Sonnenshein’s leadership in launching spot Bitcoin ETFs was praised by Barry Silbert, CEO of Digital Currency Group.
Crypto Industry Lobbying Efforts
The crypto industry is increasing its lobbying activities in Washington to influence the upcoming U.S. elections. By supporting pro-crypto candidates and contributing to political action committees like Fairshake, the industry aims to shape a more favorable regulatory environment. These efforts have already impacted key races and policies, demonstrating the industry’s growing political influence.
Market Expectations
U.S. lawmakers are gearing up for a crucial vote on the Financial Innovation and Technology for the 21st Century Act (Fit21), a bill that major crypto companies view as essential for the future of the U.S. crypto industry. Fit21 aims to establish regulatory safeguards and provide clarity on cryptocurrency custody and bankruptcy, potentially designating the CFTC as a significant crypto regulator.
