Responding to the discussed legal framework, has elicited strong criticism from the community.
Coinshares’ CSO Meltem Demirors has warned that as a judicial authority, the Department of Justice should have focused on providing fewer instances where cryptocurrencies are used as a criminal prerogative.
Put simply, DoJ is trying too hard to outline the use of cryptocurrency as something bad.
In the report, DoJ has emphasised on cryptocurrencies used as a conduit of illegal activities.
One specific sentence in the report stated that “Ripple Labs wilfully violated several requirements of the BSA,” equating the cryptocurrency to a facilitator BSA violations.
The communities at large have argued that the report was supposed to bring in regulatory clarity whereas, in reality, it just added to the confusion making contradictory statements.
Ripple co-founder Chris Larsen also commented on the report, arguing that his company is now exploring relocation possibilities in the United Kingdom, Switzerland or Singapore due to lack of regulatory clarity in the United States.
In the meantime, lawmakers are taking blockchain legislation to the United States Senate to help bring clarity in the issue.
The United States mostly lacks a unifying regulation of the industry. Federal states exercise a lot of power in blockchain, too, adding a decentralised ecosystem in its entirety.
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