Coinbase chief Brian Armstrong says the U.S. government’s efforts to curb money laundering have been a failure and a misuse of public resources.
In a post on social media platform . .
“Anti-money laundering (AML) regulations have been a policy failure.
They cost ~$213 billion annually, harm legitimate consumers (as we’ve seen with these de-banking stories), and only manage to stop ~0.2% of illegal activity, according to the UN.
Sounds like a job for DOGE.”
Armstrong also proposes putting a ‘sunset provision’ on all laws so that they would automatically be retired after a certain time unless Congress decides to keep them.
Coinbase’s CEO also shares data showing that only 0.05% to 0.2% of criminal proceeds are intercepted, indicating that more than 99% of illicit funds successfully evade detection. In addition, since 2008, banks have issued $321 billion in fines for non-compliance with regulations and crimes related to money laundering.
Armstrong recently claimed that Massachusetts Senator Elizabeth Warren was likely involved in the de-banking of 30 tech and crypto founders.
“Can confirm this is true. It was one of the most unethical and un-American things to happen in the Biden administration, and I suspect we will find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware of that).”
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