Seeds of Wisdom RV and Economic Updates Friday Afternoon 1-17-25
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CRYPTO DEVELOPER SUES US ATTORNEY GENERAL, WANTS SOFTWARE DEEMED LEGAL
Michael Lewellen has asked a Texas federal court to determine that his crypto startup is within the law and to block the Department of Justice from prosecuting him.
A crypto developer has sued the head of the US Justice Department and asked a court to rule that the crypto software he wants to publish is legal and to block any possible future prosecution.
Michael Lewellen, a fellow of the crypto advocacy group Coin Center, sued Attorney General Merrick Garland on Jan. 16 in a Texas federal court, saying he plans to publish new non-custodial crypto software focusing on crowdfunding campaigns called Pharos.
“The problem? The federal government has begun criminally prosecuting people for publishing similar cryptocurrency software, calling it unlicensed ‘money transmitting,’” the complaint reads.
Lewellen claimed the Department of Justice extended its interpretation of money-transmitting laws “beyond what the Constitution allows” in violation of the First and Fifth Amendments — rights protecting speech and limiting government powers in criminal proceedings, respectively.
Coin Center is supporting the suit and comes amid the crypto industry’s heightened concern over the prosecution of crypto software devs.
The complaint mentions the US government’s cases against Tornado Cash founder Roman Storm and Samourai Wallet co-founder Keonne Rodriguez, both of who ran crypto mixers and are pinned on unlicensed money-transmitting business and money laundering charges.
In the complaint, Lewellen’s lawyers argued his software would not give him “any control, possession, or direction over the cryptocurrency that users put through the software” and claimed that “money transmission requires control over the money being moved, which is not present when someone publishes non-custodial software like Lewellen’s.”
“The DOJ’s broad interpretation of money transmission laws threatens the ability to build freely,” Lewellen wrote in a Jan. 16 X post. “This isn’t just about Pharos; it’s about the future of cryptocurrency innovation in America.”
Lewellen asked the court to declare that his crypto business doesn’t violate money-transmitting laws and block the DOJ from using those laws to prosecute him, along with an order to pay his legal fees alongside any other relief the court wishes to grant.
The complaint follows recent similar preemptive lawsuits filed by plaintiffs who claim current laws and regulations aren’t purpose fit for crypto.
In April last year, software development company Consensys sued the Securities and Exchange Commission, wanting a court to rule that Ether “is not a security,” which was later thrown out.
In March, the clothing company Beba also sued the SEC to get a court to determine that Beba’s self-titled token it had given away was not a security, which the agency had asked to be dismissed in November.
A month earlier, in February, the SEC was sued by crypto startup Lejilex, who was seeking a ruling that its planned crypto exchange wouldn’t violate securities laws. The SEC similarly asked for the case to be tossed in October.
Attorney General Garland is set to step down from his role with President-elect Donald Trump set to re-take the White House, and the incoming president’s pick for the job, Pam Bondi, is in congressional confirmation hearings.
@ Newshounds News™
Source: CoinTelegraph
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TETHER INTRODUCES USDT0 FOR CROSS-CHAIN TOKEN TRANSFERS
Tether has launched USDT0, a new cross-chain stablecoin on Kraken's Layer-2 network, designed to simplify USDT transfers across different blockchain platforms, with planned expansion to Berachain and MegaETH.
Tether has launched USDT0, a new cross-chain stablecoin developed with Kraken, aimed at simplifying USDT transfers across different blockchains
The stablecoin debuted on Kraken’s Layer-2 network Ink, with plans to expand to Berachain and MegaETH platforms
Tether currently leads the stablecoin market with 109 million wallets in Q4 2024
The company has relocated to El Salvador and made $700 million in Bitcoin reserve investments
USDT0 is positioned to enhance institutional liquidity and DeFi functionality across blockchain ecosystems
Tether, the leading stablecoin provider, has launched USDT0, a new cross-chain stablecoin developed in partnership with cryptocurrency exchange Kraken. The launch took place on January 17, 2025, marking Tether’s latest move to improve token transfer capabilities across different blockchain networks.
USDT0 made its initial debut on Ink, Kraken’s Layer-2 network. The new stablecoin aims to make it easier for users to move USDT between different blockchain platforms, addressing a common challenge in the cryptocurrency space.
Recent data shows Tether’s strong market position, with 109 million wallets holding USDT in the fourth quarter of 2024. This user base represents the largest in the stablecoin sector, highlighting Tether’s market leadership.
Paolo Ardoino, Tether’s CEO, explained the purpose behind USDT0’s creation. “USDT0 introduces a much-needed solution for seamless USDT movement across ecosystems,” he stated during the launch announcement. The focus remains on improving user experience and meeting market demands.
The company has outlined plans to expand USDT0’s availability to additional platforms. Berachain, a blockchain focused on liquidity, and MegaETH, an Ethereum-based project, are among the first partners scheduled to integrate the new stablecoin.
Tether has branded USDT0 with the tagline “Your USDT, Anywhere,” emphasizing its goal of universal accessibility. The stablecoin is designed to serve both retail users and institutional investors who need to move assets between different blockchain networks.
In preparation for this launch, Tether has made several strategic moves. The company relocated its headquarters to El Salvador, a decision influenced by regulatory considerations, particularly the European Union’s MiCA legislation.
Financial preparations included a $700 million investment in Bitcoin reserves. Tether also invested in Rumble, a decentralized platform, showing its commitment to expanding its presence in the blockchain ecosystem.
The development of USDT0 addresses specific technical challenges in cross-chain transfers. Users previously faced complications when moving USDT between different blockchain networks, often requiring multiple steps and increasing transaction costs.
Ethereum’s established infrastructure plays a key role in USDT0’s functionality. The platform’s robust decentralized finance (DeFi) ecosystem provides essential support for cross-chain token movements, making it a natural fit for USDT0’s operations.
Market data at the time of launch shows Ethereum trading at $3,373.45. This represents a 0.26% decrease over 24 hours and a 2.24% increase over the past week, according to CoinMarketCap.
USDT0’s launch comes as demand for cross-chain solutions continues to grow. The stablecoin sector has seen increased interest in tools that simplify asset movement between different blockchain networks.
Tether’s market position includes partnerships with various blockchain platforms. These relationships help expand USDT0’s reach and utility across the cryptocurrency ecosystem.
Technical features of USDT0 include enhanced security measures and streamlined transfer protocols. These improvements aim to reduce friction in cross-chain transactions while maintaining stable value across different networks.
The latest data shows immediate adoption of USDT0 on Kraken’s Ink network, with plans for additional platform integrations in the coming months.
@ Newshounds News™
Source: Blockonomi
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THE FEDERAL RESERVE HAS WITHDRAWN FROM THE GLOBAL CLIMATE COALITION
@ Newshounds News™
Source: Gold Telegraph and X . com
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