According to Brian Armstrong, 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

The root cause of debanking is regulators have essentially outsourced the policing of money laundering to financial firms, with penalty for being too lax being 9- or 10-figure fines. Banks are highly disincentived from banking anyone questionable, ensnaring even legit accounts. https://t.co/jszc28CRcZ

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