3 ms·

Have you ever watched congressional hearings? Many lawmakers seem to struggle with technical concepts way simpler than an immutable distributed ledger.

• olliej 5y ago
  Yes I do think she understand, and yes, many don’t. But even if they don’t understand, they generally understand how to manage laundering: yiu require proof that assets come from a source that isn’t illegal. This has nothing to do with immutability (and in fact is aided by it): if a US exchange has data that suggests an illegal source that triggers money laundering work - which involves providing evidence of the legitimate source. Similar laws exist in most countries at this point. You can’t get around this by using a foreign exchange either, because bringing the money into you country of residence also likely runs into laundering checks. So even if they don’t understand immutability (which I suspect is not going to be the case) or whatever magic feature crypto is ostensibly offering, they do understand anti-laundering tools, and those are increasingly effective now that banks have actually started receiving penalties for violating anti-laundering laws.