Davidzmorris

@davidzmorris

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Sadly I'm finding it hard to find time to post Tornado Cash trial coverage across multiple platforms. If you're not already, follow me across the gap: https://x.com/davidzmorris/status/1948410698540699737

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Streetwalkin Cheetah

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Brian Armstrong

just setting up my base

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It's been one week since we began rolling out coins on Paragraph. Since then: - 400 coins were created - $40k of coin value is vesting to creators - we've paid out $7k in txn fees to creators - coins generated over $1.3m in trading volume With coins, we're beginning to get glimpses of what a new economic model for writers can look like -- a better way to earn off your ideas, without paywalling or ads. Very excited to continue building in this direction.

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One final relevant detail: Klein says the prosecution seems likely to finish its arguments on Thursday, with the defense likely to begin its case Friday. Some time between those will be a "Rule 29" hearing on a previous defense motion to dismiss. This is all, in any trial, very unpredictable, but a useful guideline.

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Thanks so much!

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Exceptional writing from Austin Campbell and @davidzmorris “Stablecoins are a fundamentally different value proposition for people using the payments system than banks. In the context of a bank, the current setup for the average user (retail or small business) is: 1. Deposit at the bank 2. Earn 0% 3. The bank makes many loans with the money you deposit using leverage 4. If those loans go well, the bankers pay themselves big bonuses 5. If they go poorly, the depositors end up in FDIC resolution land, where uninsured deposits may be lost and insured deposits may experience disruptions in use” https://www.zero-knowledge.com/blog/stablecoins-arrive

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Rehn posits that the defense should proffer any such examples before it comes up in front of the jury, since a limiting instruction (telling the jury to forget something out of scope) could contaminate the jury irreversibly. Failla disagrees and "trusts in the defense team and their obligation as officers of the court."

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This will come in part from one Dr. Green, an expert to be called by the defense. So it sounds like we will get a strong, sensible explanation of the stakes of privacy from the defense, just without specific reference to a "right" to privacy.

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Re: Second motion, reference to people being kidnapped and blackmailed because of a lack of privacy: "If the defense argues that these incidents are needed to bolster the argument for the necessity of privacy, I am excluding those examples. There will be less inflammatory examples - "you need tornado cash or your kid might be kidnapped" could certainly be prejudicial to a jury." - Failla

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"However, if this evidence is probitive of Mr. Storms Mens Rea, and why he acted or failed to act when he learned of criminal proceeds," it might be admissible. "But I need to have some evidence that Mr. Storm was aware of it, or that a reasonable or average participant in the cryptocurrency community would have been aware of it." - Failla

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Judge Failla says she has reached a decision in the matter and won't need to hear oral arguments from the parties during this hearing.

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These events would also have to have occured before the events charged in the indictment - that is, nothing that occured in 2025 would be relevant to Storm's mens rea. But it does sound like Failla will admit this type of evidence, in principle.

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"Like the defense, I understood the government's motion to be focused on 1st amendment or constitutional principles, and that Mr. Storm was not to make arguments for jury nullification based on these principles. But I understood that if he testified, he would discuss his beliefs about privacy ... I don't believe the government's motion was not meant to eliminate the use of the word, or references to the concept, of privacy." - Failla

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"I think the government's concern was that Mrs. Axel referred to a right to privacy. I agree with the government that this comes very close to the line ... so I am therefore cautioning the defense [that while they can discuss privacy] ... to stay away from statements like the "right" to privacy, which have legal connotations they may not be aiming to get into." - Failla

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We are beginning the phone hearing to resolve this motion, with Rehn and another USA for the prosecution and Cline and Patton for Storm, about to discuss the role of discussions of privacy in the defense's opening statement, and going forward, with The Rage.

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@davidzmorris is doing excellent work covering Roman’s trial now underway in SDNY: https://x.com/davidzmorris/status/1945172305321017567

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The trial of Roman Storm begins today. Already, U.S. prosecutors misinterpreted a Telegram data dump, misrepresented a journalist's message as a sign of their targets' criminal intent, and refused to own the error. Follow @theragetech (x) for updates. https://www.therage.co/tornado-cash-scum-and-villainy/

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For instance, substantial portions of the indictment are devoted to the front-end interface, which "attracted a large customer base and was a key component of the Tornado Cash service." The prosecution will be implicitly arguing that Tornado Cash only provided privacy to non-criminal users because it needed enough liquidity to service North Korean Hackers.

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