Most Influential: Todd Blanche
TL;DR
Deputy AG Todd Blanche's memo directed DOJ to pause crypto prosecutions awaiting clearer regulations, signaling a shift toward crypto-friendliness under Trump. While praised by industry, its practical impact was limited as most major cases proceeded unaffected.
Key Takeaways
- •Todd Blanche's DOJ memo urged pausing crypto cases until regulatory frameworks are established, reflecting a more crypto-friendly stance under the Trump administration.
- •The memo had limited practical impact - major cases like Samourai Wallet, Terra/Luna, and Tornado Cash proceeded with minimal modifications.
- •Industry praised the memo but concerns remained about potential leniency toward fraudulent activities in the crypto space.
- •Prosecutors generally maintained that the memo didn't apply to ongoing cases involving clear criminal conduct like fraud.
- •The memo represented a policy shift but didn't significantly alter DOJ's approach to prosecuting crypto-related crimes.
Tags
A four-page memo signed by Deputy Attorney General Todd Blanche directed the U.S. Department of Justice (DOJ) to exercise more discretion in prosecuting crypto cases by ceasing any cases that “superimpose regulatory frameworks on digital assets” until regulatory agencies craft new frameworks for the sector.
This feature is a part of CoinDesk's Most Influential 2025 list.
It was a memo praised by the crypto industry, even as it raised concerns that the DOJ might go easy on fraud or other criminal activities. Attorneys said in April, after the memo was published, that they did not expect the DOJ to actually take it easy on clearly fraudulent actions, but rather, that the DOJ would wait for clarity from the U.S. Securities and Exchange Commission or Commodity Futures Trading Commission to more clearly define how different crypto assets might fall under the definition of a security or commodity.
On a practical level, it’s difficult to gauge what sort of impact the memo actually had. It’s impossible to know how many cases the DOJ might have brought but for the memo, and in ongoing cases, prosecutors largely said the memo did not apply.
Defense attorneys representing Keonne Rodriguez and William Lonergan Hill asked a judge to toss out the case against the Samourai Wallet developers, citing the memo; both ultimately pleaded guilty to a conspiracy charge and were sentenced to five and four years in federal prison, respectively. Prosecutors pursuing charges against Terra/Luna creator Do Kwon said the memo did not apply to their case; he later pleaded guilty to conspiracy and wire fraud charges and was sentenced last week to 15 years in prison.
In the one case where prosecutors acknowledged modifying their case due to the memo, the case against Tornado Cash developer Roman Storm, the DOJ only dropped one part of one charge; Storm was still convicted on a conspiracy to operate an unlicensed money transmitter business charge and will be sentenced in the coming months.
Still, Blanche’s memo signaled a shift in how the DOJ might approach crypto cases, reflecting a broader change within the federal government under current President Donald Trump, which became far more crypto-friendly than former President Joe Biden’s administration.
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