Coinbase CEO Highlights Failures in Anti-Money Laundering Policies
- Brian Armstrong calls AML rules a failure, costing $213 billion yearly but stopping only 0.2% of illegal activities.
- As Coinbases CEO, he advocates for fair regulations that encourage innovation and fight financial crimes.
- Armstrong backs pro-crypto candidates through the Fairshake PAC to push for clearer crypto laws.
Brian Armstrong, CEO of Coinbase, discussed on financial regulations with his recent post on X. Armstrong criticized Anti-Money Laundering (AML) regulations, calling them a failed policy.
He highlighted statistics, that AML efforts cost global agencies around $213 billion annually but prevent only 0.2% of illegal activities, as per a report by the United Nations.
Armstrong also pointed out these policies negative impact on legitimate consumers, referencing the ongoing de-banking incidents which happened recently. He also suggested that such inefficiencies might be better handled by a fictional Department of Government Efficiency (DOGE).
AML regulations combines illegal activities such as money laundering, terrorism financing, and corruption by monitoring and reporting suspicious financial transactions.
However, critics like Armstrong argue that these policies exorbitant costs and limited effectiveness do more harm than good, often stifling innovation and penalizing legitimate consumers.
As the CEO of Coinbase, one of the worlds leading cryptocurrency exchanges, Armstrong has been an outspoken advocate for regulatory reform.
As he frequently calls for policies that create innovation while effectively addressing financial crimes. His comments show the crypto industrys worry about rules that block progress but do little good.
Even Cardanos founder said Brian Armstrong is the best choice for the role of crypto czar. As he is Calling him the only standout candidate in the industry. He praised Armstrong as a key figure in crypto who has resisted unfair government tactics aimed at enforcing regulations.
In 2020, Coinbase CEO Brian Armstrong said the company wouldnt support political causes unrelated to its mission. But this changed in 2023 after the SEC sued Coinbase for allegedly offering unregistered securities.
Armstrong urged crypto users to back pro-crypto candidates to push for clearer regulations. In 2024, he asked his followers to vote for specific Republican Senate candidates and helped fund the Fairshake PAC with $46 million to support pro-crypto candidates, many of whom won.
As he is a leader who needs the proper regulation. Coinbase has since donated another $25 million to the PAC for the 2026 midterms.
Also this tweet of him creates the balancing necessary and excessive regulation.
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Read more: https://thenewscrypto.com/coinbase-ceo-highlights-failures-in-anti-money-laundering-policies/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
