I don't just mean practically. I mean legally. Cryptocurrency advocates often ignore this. They think they are solving bureaucracy with math. They think that w

I don't just mean practically. I mean legally. Cryptocurrency advocates often ignore this. They think they are solving bureaucracy with math. They think that whatever they can do technically with smart contracts and money transfers is legal. They think they found a loophole in AML and KYC laws. They have not. It's the old ignorance of "I'm a good engineer, so the legal issues must be a minor detail I can just solve with code". They seem to think that the legal roadblocks were put in place by accident of history. But no, they are actually codifying almost entirely society's intention. Perfectly? No. But infinitely better than what cryptocurrencies are trying to do.