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Jay Clayton, the former Chair of the United States Securities and Exchange Commission (SEC) and acting U.S. Attorney for the Southern District of New York, released a statement following the conviction of Tornado Cash developer Roman Storm on Tuesday.
Jay Clayton Comments on Tornado Cash Ruling
In a statement dated August 6, Clayton asserted that the SDNY is “dedicated to holding accountable” individuals who “exploit emerging technologies to engage in criminal activities.”
Founder of Tornado Cash convicted. “The speed, efficiency, and functionality of stablecoins and other digital assets offer great promise, but that promise cannot be an excuse for criminality,” stated USA Jay Clayton. https://t.co/NbA3B7SVDI
— US Attorney SDNY (@SDNYnews) August 6, 2025
“Roman Storm and Tornado Cash facilitated a means for North Korean hackers and other criminals to transfer and conceal over $1 billion of illicit funds,” remarked U.S. Attorney Jay Clayton.
“The speed, efficiency, and functionality of stablecoins and other digital assets present significant potential, but that potential cannot justify criminal behavior,” he continued. “Criminals who utilize new technology to perpetrate longstanding crimes, such as concealing illicit funds, erode public trust and unjustly tarnish the reputation of the many innovators who operate within the law.”
Sentencing Date for Roman Storm Still Pending
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Clayton’s remarks followed shortly after Storm was found guilty on one count of running an unlicensed money transmitting operation.
However, the jury could not reach a unanimous decision regarding the charge of conspiracy to commit money laundering and sanctions violations, leading to a partial mistrial.
Storm is currently facing a potential five-year sentence in federal prison for the money transmitting charge, although his sentencing date remains unconfirmed.
Storm and his fellow Tornado Cash co-founder, Roman Semenov, were indicted in August 2023 on criminal charges related to the crypto mixer, igniting discussions about whether the technology was merely a privacy tool or had more sinister implications.
In the lead-up to his trial, Storm garnered support from advocates of crypto privacy, describing his legal struggle as one of “fairness, open-source, and freedom.”
As per the Free Roman Storm website, donations for Storm’s defense have surpassed $4.7 million, nearing his $5 million target.
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