In today’s crypto news, key updates include developments from Tornado Cash, OpenSea, and Ondo Finance.

Roman Storm’s Warning for Developers

Roman Storm, a developer for Tornado Cash, cautioned open-source developers about the possibility of retroactive prosecution by the U.S. Department of Justice. In a recent post, he questioned:

“How can you be so sure you won’t be charged by the DOJ as a money service business for building a non-custodial protocol? If the Southern District of New York can charge a dev for building a non-custodial protocol, who is safe? My case is still ongoing.”
Translation: He emphasizes the ongoing threat to developers involved with decentralized finance protocols due to potential legal actions.

This case could have serious implications for the legal status of open-source projects in the U.S.

OpenSea’s Shift in Focus

OpenSea CEO Devin Finzer addressed rumors of the company pivoting away from NFTs, stating instead that the platform is evolving to accommodate all types of on-chain assets. He reported an impressive trading volume that recently surpassed $2.6 billion, primarily driven by token exchanges.

Finzer stated:

“We’re building the universal interface for the entire onchain economy — tokens, collectibles, culture, digital and physical.”
Translation: The platform aims to facilitate trading across all digital assets efficiently.

Ondo Finance’s Position on Nasdaq’s Proposal

Ondo Finance has urged the SEC to postpone or rethink Nasdaq’s proposal concerning tokenized securities, citing transparency concerns and the potential for market inequality among participants. They believe public disclosure is essential for fair evaluation and collaboration.

Their stance highlights the ongoing challenges and potential risks in the rapidly evolving regulatory landscape for crypto trading.