Coinbase CEO Brian Armstrong Brands $213,000,000,000 Anti-Money Laundering Regulations As Policy Failures

Coinbase chief Brian Armstrong says the U.S. authorities’s efforts to curb cash laundering have been a failure and a misuse of public assets.

In a publish on social media platform . .

“Anti-money laundering (AML) rules have been a coverage failure.

They price ~$213 billion yearly, hurt official shoppers (as we have seen with these de-banking tales), and solely handle to cease ~0.2% of criminal activity, based on the UN.

Feels like a job for DOGE.”

Armstrong additionally proposes placing a ‘sundown provision’ on all legal guidelines in order that they might routinely be retired after a sure time until Congress decides to maintain them.

Coinbase’s CEO additionally shares knowledge displaying that solely 0.05% to 0.2% of felony proceeds are intercepted, indicating that greater than 99% of illicit funds efficiently evade detection. As well as, since 2008, banks have issued $321 billion in fines for non-compliance with rules and crimes associated to cash laundering.

Armstrong lately claimed that Massachusetts Senator Elizabeth Warren was probably concerned within the de-banking of 30 tech and crypto founders.

“Can verify that is true. It was one of the vital unethical and un-American issues to occur within the Biden administration, and I think we’ll discover Elizabeth Warren’s fingerprints throughout it (Biden himself was most likely unaware of that).”

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