Michael Lewellen Challenges DOJ Over Crypto Development Regulations
- Michael Lewellen filed a lawsuit against the U.S. Department of Justice on Thursday.
- The lawsuit aims to stop prosecution of his Ethereum-based platform, Pharos.
- Pharos uses non-custodial “assurance contracts” for decentralized crowdfunding.
- The DOJ’s interpretation of 18 U.S.C. §1960 is claimed to misclassify non-custodial developers as money transmitters.
- Lewellen argues that DOJ actions violate the First and Fifth Amendments.
The lawsuit by Michael Lewellen seeks to prevent the prosecution of his platform, Pharos, arguing that it operates outside federal money-transmission laws and that the DOJ’s interpretation violates constitutional rights.
