TWEETSTORM is an occasional feature on decentralize.today where we share threads , mostly from Twitter, that we think deserve a wider audience, some are informative, some educational, some amusing and others yet are controversial...we dig these out for you so you don't have to!
1/7) Alexey Pertsev is still in jail after three months without any clear charges
He wrote open-source code to protect user's privacy through Tornado Cash
While Sam Bankman Fried still walks free after stealing billions from users
Regulators should reevaluate their priorities:
2/7) Cryptocurrency was created to avoid the type of theft & fraud that SBF committed
Unfortunately, wherever blockchain touches the Fiat world; theft & fraud can still occur
This is why we need regulators to protect us from centralized exchanges & not decentralized exchanges!
3/7) It is critical for regulators to understand this distinction
There is a big difference between Uniswap & Coinbase
My company, @cybercapital; should be regulated
Tornado Cash, a smart contract on the ETH blockchain, shouldn't!
The same goes for anything decentralized!
4/7) This would help protect investors against centralized scams that pretend to be decentralized
If there is an admin key; it is centralized If the majority of the voting token supply is owned by a single individual; it is centralized
Neither was the case with Tornado Cash
5/7) When it comes to centralized exchange,s regulators should also require blockchain-based proof of reserves
This utilizes blockchain technology in such a way that it proves solvency through transparency
This is how blockchain technology can also help regulators protect users
6/7) I could be wrong about Alex Pertsev, as there might be information I am not privy to which could prove his guilt
However, based on what is publicly available, I do not think he deserves to be in jail
The prosecution is abusing the judge's lack of knowledge on this subject!
7/7) Justice systems are complex & take time to develop jurisprudence around new subjects
This is also influenced by politics
So while we still live in a Fiat-dominated world, please do your part & vote
For whoever supports cryptocurrency in ways that help & not harm its users
Link to original tweet