U.S. Department of Justice Official: "No Prosecution if Decentralization Is Proven"...Industry Welcomes Announcement

On the 21st (local time), according to Eleanor Terrett, host of Crypto in America, Matt Galeotti, Acting Deputy Assistant Attorney General of the U.S. Department of Justice Criminal Division, stated in his Jackson Hole speech: "Going forward, under the principles of fair notice, if software is truly decentralized and entirely consists of automated P2P transactions," and "if it can be demonstrated that a third party does not have custody or control over user assets, then even if there is criminal intent, there will be no new charges under Section 1960(b)(1)(c) against the third party." Section 1960(b)(1)(c) is the legal provision related to the charges on which Tornado Cash founder Roman Storm was convicted. One legal expert commented, "Storm could use Galeotti's latest remarks as a basis in his appeal." Galeotti further added, "Genuine innovators do not need to fear losing their freedom." Industry figures from the virtual asset (cryptocurrency) sector present gave a standing ovation, and one member who has been active in the DeFi (decentralized finance) industry for 10 years was reportedly moved to tears.