Coinbase CEO Brian Armstrong stated on social media today that anti-money laundering regulations are a failed policy, costing about $213 billion annually and only managing to stop about 0.2% of illegal activities... (Background: Countdown to Gary Gensler's resignation) Coinbase's General Counsel: The new SEC chair will significantly reduce crypto enforcement. (Additional background: Coinbase's "massive listing fee" PR crisis is not yet resolved, and it has been reported that Armstrong and other executives will sell another $900 million in stock.) Cryptocurrencies, due to their decentralization and anonymity, have been used by some malicious actors for money laundering and illegal activities. However, the transparency of blockchain technology also provides new means for anti-money laundering (AML) efforts, as all transactions are recorded on a public ledger, allowing law enforcement agencies to trace the flow of funds. Many governments and financial institutions worldwide have also established anti-money laundering regulations for cryptocurrencies, such as KYC (Know Your Customer) requirements and suspicious transaction reports. However, Coinbase CEO Brian Armstrong pointed out this morning on X that anti-money laundering (AML) regulations are a policy failure. According to the United Nations, they cost about $213 billion annually, harm legitimate consumers (as we've seen with these de-banking stories), and only manage to stop about 0.2% of illegal activities... We know that exchanges are facing increasing costs to meet regulatory KYC requirements, and Armstrong's comments seem to hint at a desire for the government to lower these regulatory demands. On the other hand, he also tagged the government efficiency department D.O.G.E., which Elon Musk is set to head, possibly hoping that Musk can cut related budget expenditures for anti-money laundering operations. (Previously, he mentioned that DOGE is a rare opportunity to enhance economic freedom in the US and reduce the size of government.) Sounds like a job for @DOGE Anti Money Laundering (AML) regulations have been a policy failure. They cost ~$213B annually, harm legitimate consumers (as we've seen with these de-banking stories), and only manage to stop ~0.2% of illicit activity according to the UN. Sounds like a job for @DOGE https://t.co/6RbBENudYc — Brian Armstrong (@brian_armstrong) November 30, 2024 Trump met privately with Coinbase CEO Last month, The Wall Street Journal quoted insiders reporting that Trump had a secret meeting with Coinbase CEO Brian Armstrong, where the two were expected to discuss personnel arrangements for Trump's second term team. Insiders indicated that this was the first meeting between Trump and Armstrong after the election, and it comes at a time when the Trump administration is filling cabinet and other senior positions. Previously, Trump mentioned at the Bitcoin 2024 conference that he plans to establish a "Bitcoin and Cryptocurrency Presidential Advisory Council" and promised to develop favorable transparent regulatory guidelines for the entire crypto industry within the first 100 days of his presidency. During this meeting, Trump might want to invite Armstrong to join his team or ask him to recommend suitable crypto individuals for the advisory council. Whether we will see familiar crypto figures enter the Trump administration in the future is something worth keeping an eye on. Related reports: US stock market's three major indexes hit new highs! Coinbase surged 20%, Tether pre-minted 2 billion USDT. Opinion: Is Memecoin the craziest money-making machine in history? Overheating signals? Robinhood and Coinbase dominate the US App Store finance rankings "Coinbase CEO slams anti-money laundering policy as ineffective: $213 billion spent annually only stops 0.2% of illegal actions, harming legitimate users" This article was first published by BlockTempo (the most influential blockchain news media).