Crypto advocacy group Coin Center has criticized the latest indictment of two former Tornado Cash developers, arguing that the facts offered don't show any clear violations of money-transmitting-related offenses.

Roman Storm and Romen Semenov were indicted by the United States Office of Foreign Asset Control (OFAC) on Aug. 23 for conspiring to operate an unlicensed money-transmitting business, among other charges.

In a follow-up opinion piece, Coin Center research director Peter Van Valkenburgh argues that the claims in the indictment appear to run counter to guidance from the U.S. Financial Crimes Enforcement Network — arguing that Tornado Cash only provides the software to transmit money, rather than transmitting the money itself.

"The only thing the indictment claims regarding the defendants’ unlicensed money transmission is that they 'engaged in the business of transferring funds on behalf of the public' and did so without registering with FinCEN," wrote Valkenburgh.

But does the indictment state any facts that actually show that the defendants engaged in any activities that qualify as money transmission under the relevant law?