Major developments in both the Tornado Cash and Samourai Wallet trials that took place earlier this month may set dangerous precedents for the Bitcoin and crypto industry as a whole. The two defendants who developed Samourai Wallet, a popular Bitcoin privacy app, made a plea deal accepting the charges of being an unlicensed money services business, while Roman Storm, developer of Tornado Cash, an Ethereum smart contract that also unlocked financial privacy for its users, was found guilty on one of three charges — that of being an unlicensed money services business.

The irony? Both of these companies were started after FINCEN, the U.S. institution that regulates money transmitters,…

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