According to CoinDesk, Bruce Fenton, the CEO of Chainstone Labs, is pushing for the removal of anti-money laundering (AML) and know-your-customer (KYC) regulations.
Fenton contends that the idea of politicians overseeing citizens' spending is flawed, pointing out a substantial increase in AML/KYC requirements following the 9-11 Patriot Act.
He argues that these regulations impede commerce without effectively addressing significant crimes.
Fenton questions the regulations' effectiveness in preventing money laundering, human trafficking, or terrorism, suggesting a shift to targeting actual criminals rather than imposing inefficient global compliance measures.
He stresses the need for facilitating the flow of money, promoting risk-taking, and supporting investments to maintain a robust economy and its associated benefits.
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