Paradigm argued that the Southern District of New York’s interpretation of money transmission law in Roman Storm’s case wrongly equates open-source software development with financial activity, contradicting the plain text of the statute, FinCEN guidance and decades of case law

Quotes that support claims

In Storm, the U.S. Attorney’s Office in the Southern District of New York has argued that the mere creation of software enabling peer-to-peer cryptocurrency transactions constitutes “money transmitting” under 18 U.S.C. §1960 – contrary to the plain text of the law, clear FinCEN guidance, and decades of case law.

Paradigm argued that prosecutors are wrong to claim Storm's peer-to-peer cryptocurrency software constitutes illegal money transmitting, calling the government's position "contrary to the plain text of the law, clear FinCEN guidance, and decades of case law.