Oddbean

The Bank Secrecy Act and KYC/AML compliance regulations have proven to be wholly ineffective at achieving their stated goals and, instead, created a two-tiered justice system. Unsurprisingly, Senator Warren is doubling down on this failure. https://tftc.io/elizabeth-warren-bitcoin/

I think people are coming around to the fundamental truth, Warren and those like her do in fact understand Bitcoin. It was easy to fall back on the hope that if she understood how empowering it was, she would change her mind. But here we see the ugly truth of it all - she and those like her hate Bitcoin because it is empowering. It offends their authoritarian impulses. Listening her pretend to care about safety and security - the modern justification for all transgressions of our basic liberties - is just vulgar. Fair to say many policies she supports have ruined or ended far more lives than any bitcoin transactions ever could. Watching her and Dimon seemingly congratulate each other as one tried to outdo the other was emblematic of this. Most Normies will watch this debate with disinterest. But what they’re watching is a representative of the worst parts of the system lash out against anything that threatens those worst parts. And those worst parts harm all of us, whether or not you own bitcoin.

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