Developer Alexey Pertsev Challenges Conviction of Tornado Cash Involvement; CME Unveils Strategy for Bitcoin Spot Market Trading | Video Update

A developer from the cryptocurrency mixing service Tornado Cash is contesting their recent conviction as the CME Group readies plans to introduce Bitcoin spot trading services. This is Coin Desk Daily, with me, your presenter, Jen Sani. Alexei Persa, the Tornado Cash developer, has challenged his conviction in a Dutch court, where he was found culpable of money laundering charges earlier in the week. The court has yet to confirm whether his appeal has been accepted, and it could be a several-month wait before the appeal’s initial hearing. Persa, who received a 64-month prison term, now has the option to request house arrest while his appeal is pending. Meanwhile, the Chicago Mercantile Exchange, in response to growing demand, is reportedly preparing to offer direct Bitcoin trading options for its clientele, a move detailed by a Financial Times report. While CME already ranks as the leading Bitcoin futures exchange by open interest, the introduction of a spot market may render the exchange an even greater force in the cryptocurrency sphere. Marcus Teen, the founder of Ted X Research, commented that existing exchanges might experience a drop in business should CME proceed with its Bitcoin spot market, citing that institutional investors propelling the current market surge would likely favor trading on a regulated platform. Additionally, the house is scheduled for a vote on a comprehensive bill aimed at setting cryptocurrency regulation next week. Congressman Patrick McHenry, who chairs the House Financial Services Committee and is a vocal supporter of crypto legislation, foresees the vote’s outcome will greatly affect whether the US Senate will be proactive. With McHenry’s planned retirement approaching at this year’s end, he places a high priority on crypto asset legislation and points out the importance of noting Democrat support for the bill. Stay tuned to Coin Desk Daily for more updates, and visit coindesk.com for continuous coverage. We’ll catch up again soon.