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Earlier this week, in a highly watched federal trial out of Manhattan, Tornado Cash co‑founder and developer Roman Storm was found guilty of a single charge: conspiring to operate an unlicensed money‑transmitting business. Although the jury deadlocked on the two more serious counts (money laundering and sanctions evasion, each carrying up to 20 years), this partial verdict still carries a maximum sentence of five years in prison. Storm remains free on bail pending appeal.
What makes this outcome seismic? The ruling created legal limbo: it hasn’t declared coding neutral, nor did it recognize sovereignty in open‑source privacy tools. Instead, it says developers can be held criminally liable, even if they don't control or profit directly from illicit use.
Industry advocates from the Ethereum Foundation to the Blockchain Association have voiced concern that this sets a dangerous precedent, where writing privacy‑enabling protocols might someday look indistinguishable from enabling crimes. Storm’s legal team is already planning an appeal, targeting the application of money‑transmission laws to non‑custodial software.
Industry voices are calling it a watershed moment that could chill innovation and redefine legal risk for privacy tech builders everywhere. The implications for open-source development are just beginning to unfold.
Heavy headlines, but our mission continues. Here’s what’s good in Web3 this week.
WAGMI (we are going to make an impact!)
What’s Inside
📣 Latest News
📚 What We’re Thinking About
🔈 Podcasts & Spaces
🚀 Opportunities & Calls to Act
🎪 Events
📡 On Our Radar
📣 Latest News
Developer of Crypto Mixer Tornado Cash Found Guilty on One Criminal Charge
Peter Thiel-backed Bullish seeks up to $4.2 billion valuation in US IPO
Ethereum proposes unified fee market to simplify transaction costs
Filecoin Foundation and the GSR Foundation work together to fund Filecoin use cases
President Trump to sign executive order allowing cryptocurrencies in 401(k) retirement plans
SEC declares crypto liquid staking activities are not considered securities
Global Policy, Regulation, and Adoption News
UK lifts ban on crypto linked notes for retails investors after 5 years
Uniswap, a16z, and allies urge Senate to protect DeFi developers in market structure bill
Indonesian officials eye Bitcoin mining for national reserves after key meeting
Stablecoin News
SEC updates staff guidance on accounting rules for USD accounting
Ripple to buy stablecoin payments platform Rail for $200 million
📚 What We’re Thinking About
🇺🇸 ChatGPT goes federal: US government inks $1 deal with OpenAI for agency-wide use
Big milestone for AI in government: The US General Services Administration has announced a $1 per agency deal granting all federal agencies access to ChatGPT Enterprise (Cointelegraph). The move supports the White House’s AI Action Plan to make the US the global AI leader. OpenAI CEO Sam Altman joined President Trump to promote the partnership, calling it critical for modernization. While hailed as progress, critics warn of privacy, surveillance, and cybersecurity risks from centralized AI in public infrastructure. Still, the message is clear: AI is entering the heart of US governance.
💸 Salaries paid in crypto tripled in 2024 — and USDC leads the way
Crypto compensation is on the rise: A new Pantera Capital survey shows the number of professionals paid in crypto tripled this year, with 9.6% now receiving salaries in stablecoins (Cointelegraph). USDC dominated with 63% of crypto payrolls—despite USDt’s trading lead—due in part to major payroll platforms not supporting Tether. The report also revealed a shift toward 4-year vesting schedules and long-term alignment in crypto jobs. Circle is doubling down on institutional use, recently applying for a federal trust bank charter to expand USDC's reach. Stablecoin salaries aren’t fringe—they’re fast becoming the norm.
Plus:
To understand why CBDCs have caught the attention of so many governments, it’s best to first understand what a CBDC is in the first place. (Human Rights Foundation CBDC Tracker Fellow)
Lyon, one of France's largest cities has now also ditched Microsoft for open source software. (Techradar)
Bitcoin has soared to well over $100,000— Explore the latest academic research explaining what gives Bitcoin its value. (Decrypt)
Tech giants have spent more on AI than the US government has on education, jobs and social services in 2025 so far. (The Guardian)
AI will soon be able to audit all published research – what will that mean for public trust in science? (The Conversation)
🔈 Watch & Listen
The Generalist - The Future of Crypto: Stablecoins, AI Integration, and the Path to Mass Adoption.
Protocol Labs - Privacy for Stablecoins: The unlock for real world adoption.
Crypto Altruists Podcast - Episode 214 - Pipe gDAO - From Lab to Market: How Web3 and Crypto Tokenization and Powering Real-World Scientific Breakthroughs
🚀 Opportunities & Calls to Act
Apply: Applications of the Funding the Commons 2025 Builder Application are now open.
Incubate: The Blockchain for Good Alliance Incubation Program supports projects leveraging blockchain technology to solve real-world problems by offering expertise, resources, branding, and market support. Autumn 2025 Cohort applications close August 15.
Learn: Kernel is a peer-to-peer learning community for technologists, researchers, builders, and artists shaping the future of the web. KB11 will bring together ~50 fellows to go deep on a clear research or product focus. (We are both Kernel fellows and are happy to share our experiences, if you have any questions about applying).
🎪 Events
🆕= New to the roundup this week
Virtual
ETHGlobal NY takes place 15-17 August, check out the line up of events here. 🆕
2025 Grant Summit by Metagov is happening August 20-21.
The Future of Digital Finance: Emerging opportunities in India, in China and on the African continent is happening September 24.
FIL Dev Summit at DevConnect on November 13 in Argentina. 🆕
IRL
ETHSafari 2025 is happening September 7-14 in Nairobi.
Edge City Bhutan is happening September 14-21 in Paro, Gelephu, Thimphu, and other locations in Bhutan.
Africa Money & DeFi Summit West Africa is happening September 24-25 in Accra, Ghana.
The Aptos Experience is happening October 15-16 in NYC.
Progress Conference 2025 is happening October 16-19 in Berkeley.
Devconnect 2025 is happening November 17-22 in Argentina.
ETHBoulder is coming in 2026…
Recurring
Monthly Earth Day is a global event that happens on the 22nd every month, not just once a year. Get involved on August 22 and 🚨 check out the movement’s brand new website 🚨.
Hosting an event that you’d like to see listed? Reply here or send us a DM.
📡 On Our Radar
Cleanify: Powerful tools for NGOs and individuals to track impacts and reward actions towards a cleaner planet.
Prosperity Pass: ReFi DAO's new era is here — earn rewards, governance power, and airdrops for your regenerative impact.
SheFi Africa: A vibrant, African sisterhood built for and by the African girlies learning from SheFi.