The Chopping Block: Crypto as a Public Good, Tornado Cash Ruling, and SEC’s New Direction - Ep. 772

Jan 25, 2025

This engaging discussion spotlights the Fifth Circuit's groundbreaking ruling on Tornado Cash, which impacts blockchain privacy and freedoms. Speakers also dissect Trump's executive order on crypto and the SEC’s new enforcement strategies. The challenges faced by noncustodial developers are explored, along with the significance of establishing a U.S. Bitcoin reserve. With insights on the crypto advocacy landscape, the potential for a more favorable regulatory environment becomes a focal point, making for a thought-provoking analysis of crypto's future.

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INSIGHT

CBDCs as Boogeyman

CBDCs are a theoretical boogeyman in crypto, similar to teens talking about sex.
They represent potential surveillance and control.

INSIGHT

Senate Subcommittee on Digital Assets

The new Senate Banking Digital Assets Subcommittee, chaired by Senator Loomis, aims to promote crypto innovation.
It also seeks to protect consumers and address Operation Chokepoint 2.0.

INSIGHT

SEC Crypto Task Force

The SEC's new crypto task force, led by Hester Peirce, will review existing enforcement actions.
It aims to provide clearer regulatory frameworks for crypto.

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, and Tom Schmidt chop it up about the latest in crypto. This week, we're joined by special guest Peter Van Valkenburgh, Executive Director of Coin Center, to tackle one of the most pivotal moments in crypto policy. In this episode, we dive into the groundbreaking Fifth Circuit ruling on Tornado Cash, unpack its implications for blockchain privacy, and discuss the challenges noncustodial developers like Roman Storm are facing. We also break down Trump’s crypto executive order, the SEC’s new direction under Hester Peirce, and speculate on what a U.S. strategic Bitcoin reserve might mean for the future.

Show highlights

🔹 Crypto as a Public Good: Why open, permissionless technologies need protection—and how Coin Center defends them.

🔹 Tornado Cash Ruling: The Fifth Circuit overturns OFAC sanctions—what this means for blockchain privacy and freedoms.

🔹 Roman Storm Case: DOJ’s controversial crackdown on noncustodial developers and its implications for innovation.

🔹 Trump’s Crypto EO: Breaking down the ban on CBDCs and the push for U.S. leadership in digital assets.

🔹 SEC’s New Direction: Hester Peirce’s crypto task force and the future of enforcement and regulation.

🔹 CFTC vs. SEC: Will Congress resolve the jurisdiction battle over crypto markets?

🔹 Senate Banking’s Subcommittee: How Senator Lummis could lead a new era of crypto-friendly policy.

🔹 Strategic Bitcoin Reserve: Speculating on what a U.S. Bitcoin reserve might look like.

🔹 2025 Regulatory Outlook: How shifting policies could redefine crypto’s future.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

Guest:

⭐️Peter Van Valkenburgh, Executive Director of Coin Center

Disclosures

Timestamps -

00:00 Intro

01:34 Coin Center & Crypto as a Public Good

05:04 Crypto Policy Shifts & Trump's Executive Order

16:11 Senate Banking Digital Assets Subcommittee

20:20 SEC Crypto Task Force

32:10 Hester Peirce's Safe Harbor Proposal

35:43 Strategic Bitcoin Reserve: Expectations and Realities

41:12 Tornado Cash & OFAC Sanctions

45:28 Legal Implications for Noncustodial Developers

57:51 Future of Crypto Regulation & Coin Center's Role

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