Michael Lewellen Files Lawsuit Against US Attorney General Over Web3 Rights

The Web3 and digital assets industry in the US is experiencing rapid growth, influenced by increasing institutional investor involvement. A pro-crypto president will take office soon, likely altering the Web3 landscape over the next four years.

Key points:

The outgoing Biden administration's cryptocurrency crackdown will continue to impact the sector.
The US SEC has been taking legal actions against Web3 developments recently.

Michael Lewellen's Legal Action

Security expert Michael Lewellen has filed a lawsuit against Attorney General Merrick Garland. The lawsuit challenges efforts to require Web3 developers to obtain a money transmitter license for publishing software.

Lewellen aims to launch Pharos, a non-custodial platform for crowdfunding, but faces legal barriers due to unclear regulations surrounding user control of digital assets.

He argues that requiring a license infringes on free speech rights protected by the Constitution and cites previous cases like Tornado Cash as unconstitutional.

Future Implications

The Trump administration may resolve ongoing cryptocurrency cases and appoint a crypto-friendly SEC chair. Legislative clarity regarding crypto regulations is anticipated, which could enhance adoption by investors.

However, outcomes in the US do not guarantee similar results in Europe or the UK. Lewellen’s lawsuit marks the beginning of potential changes in Web3 development and software publishing.