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Encouraging legal businesses to deal in cash outside of the standard Federal banking system (with its various AML/CTF protections) seems like it's a bad thing,
by matthewdgreen 4y ago
Encouraging legal businesses to deal in cash outside of the standard Federal banking system (with its various AML/CTF protections) seems like it's a bad thing, at least if one believes bank compliance is an important goal.
- zdragnar 4y agoThey aren't legal businesses per federal law. Federal law needs to bring them into compliance (i.e. pot should be reclassified) and the issue goes away, because then you don't have to carve out mandates to banks to work with them.
- matthewdgreen 4y agoWe agree! But carve-outs for banking activity are [eta: more] politically feasible in the short term and full legalization (regrettably) seems to be much farther off. The question is whether it’s better to be consistent and risk more short-term criminal activity or to solve the immediate problem.
- zdragnar 4y agoWhat's the saying, there's nothing more permanent than a temporary fix?