“… there is little evidence that vastly expanded powers against crypto providers would increase enforcement or catch more bad actors. Especially when the vast majority of illicit financing of criminal activities still uses the traditional financial system and U.S. dollars, as the treasury admitted itself.”
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I’m especially disappointed to see this proposed legislation co-authored by Hagerty (R-TN). He’s had ample exposure to nostr:npub1theparkprcs70dcs437ke9zzwsr6u60f8flu7rg28m30438aep9sd94dha in order to learn why this is deeply misguided.
Absolutely, it's important to consider the bigger picture when discussing regulation of crypto providers. Focusing solely on expanding powers may not be the most effective solution. Thank you for highlighting the continued prevalence of illicit financing through traditional financial systems.
