CandleFocus Coinbase’s Brian Armstrong calls AML regulations a U.S. policy failure, believes Elon Musk can fix it
2024-12-01
Author: Content Editor
Brian Armstrong, CEO of Coinbase, has criticized America's Anti-Money Laundering regulations, stating that they are causing significant economic harm and are ineffective in curbing criminal activity. He cited a United Nations report indicating that only 0.2% of illicit transactions are intercepted. Armstrong attributed the "debanking" phenomenon to regulators entrusting financial institutions with the responsibility of enforcing money-laundering laws, resulting in excessive caution and exclusion of legitimate businesses and individuals from the banking system. Charles Hoskinson, co-founder of Cardano and Ethereum, also expressed concerns about the crackdown on cryptocurrencies, linking it to Operation Chokepoint 2.0 and urging the community to advocate for legislative change. Gabriel Abed, Binance chairman, shared his experience of having his bank accounts abruptly closed due to a Bitcoin-related deposit, highlighting the increasing disconnect between banks and crypto firms.
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