Coinbase CEO Brian Armstrong is speaking out against the US Anti-Money Laundering (AML) regulations, calling them a policy failure. He believes these rules waste a staggering $213 billion annually and only manage to catch a mere 0.2% of illicit transactions.¹
Armstrong blames regulators for forcing banks to police money laundering, leading to "debanking" that hurts legitimate businesses and individuals. He's not alone in his criticism; Charles Hoskinson, co-founder of Cardano and Ethereum, has also spoken out against the coordinated assault on crypto.
Interestingly, Armstrong thinks Elon Musk's proposed "Department of Government Efficiency (D.O.G.E)" could be the solution to this problem. Musk has been quite vocal about his own experiences with debanking, revealing that 30 tech entrepreneurs, including many in the crypto space, were secretly debanked.²
