Benzinga – by Benzinga Insights, Benzinga Staff Writer.

Over the past 24 hours, Litecoin’s (CRYPTO: LTC) price has fallen 3.08% to $78.86. This continues its negative trend over the past week where it has experienced a 3.0% loss, moving from $82.02 to its current price.

The chart below compares the price movement and volatility for Litecoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has increased 2.0% over the past week while the overall circulating supply of the coin has increased 0.0% to over 74.53 million which makes up an estimated 88.73% of its max supply, which is 84.00 million. The current market cap ranking for LTC is #21 at $5.88 billion.

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In a recent development that will set the stage for a battle concerning cryptocurrency regulation, United States Senators Cynthia Lummis and Ron Wyden have penned a letter to Attorney General Merrick Garland, expressing their apprehensions regarding the Justice Department’s (DOJ) interpretation of money transmission licensing.

The letter, signed by both senators, raises concerns over the DOJ’s application of money transmission laws in the case against Roman Storm, the co-founder of crypto mixer Tornado Cash. Storm faces charges related to operating an unlicensed money transmission operation, among other serious allegations.

Central to the senators’ concerns is the discrepancy between the DOJ’s interpretation and established definitions outlined by the Bank Secrecy Act and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). According to Lummis and Wyden, non-custodial crypto service providers, like Tornado Cash, do not meet the criteria set forth in these definitions.

The senators argue that bitcoins and other cryptocurrencies have a clear, unilateral owner throughout the transaction process, eliminating any ambiguity regarding ownership. They assert that custody and control are the fundamental factors determining the occurrence of “acceptance and transmission” on crypto networks.

Highlighting FinCEN’s role as the primary interpretive authority on money transmission registration requirements, the senators caution against the DOJ’s broad application of its interpretation. They warn that such an approach could extend regulatory scrutiny to a wide array of services, including internet service providers and even the postal service.

Echoing similar sentiments, crypto advocacy groups filed a joint amicus brief in April with the Southern New York District Court, supporting Storm’s position. Storm’s legal team filed a motion to dismiss the charges in March, arguing that Tornado Cash did not meet the definition of a money transmission business.

However, prosecutors contend that Storm bears responsibility for operating Tornado Cash and allege that the service facilitated criminal activities. They accuse Storm of designing software that aided criminality and assert that Tornado Cash was involved in the transmission of funds derived from criminal offenses.

Storm, who was arrested in August on charges of sanctions violations, facilitating money laundering, and unlicensed money transmission, faces up to 45 years in prison if convicted. He has pleaded not guilty to the charges and is currently out on $2 million bail with travel restrictions.

The letter from Senators Lummis and Wyden underscores the growing debate surrounding cryptocurrency regulation in the United States and the reach of the SEC, highlighting the need for clarity and consistency in interpreting existing laws in the rapidly evolving crypto landscape. Perhaps a new administration will see this and force a clear outline so that compliance can be adhered to clearly by all in the industry as opposed to it being a guessing game.

Terry Jones
Digital Assets Desk

The current cryptocurrency market is full of new coins, waiting to be explored by investors with full might. With the wave of new meme coins sweeping over the space, several meme coins are poised for a massive 200% surge, giving investors a chance to bask in lucrative returns and rewards. 

Here are the top three crypto tokens that the analysts predict will spike by 200% later this month. 

Also Read: Cryptocurrency: 3 New Coins Perfect For Newcomers To Trade In May

Top 3 Coins That May Surge 200% This Month

Cryptocurrency #1: Pepe

Pepe has been forging its own independent price path lately. The token is projecting bullish signs by surging nearly 40% in the last month. Per CoinMarketcap, the token is up 0.56%, trading at $0.000008768. 

CoinCodex, a notable crypto analytics platform, predicts the token to spike by 200% this month, doubling investors’ profits and rewards. 

“According to our current Pepe Coin price prediction, the price of Pepe Coin is predicted to rise by 237.88% and reach $0.00003007 by June 12, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 57 (greed). Pepe Coin recorded 19/30 (63%) green days with 18.18% price volatility over the last 30 days.”