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Cryptobros are forgetting you can't run an unregistered derivatives exchange domiciled in US, OR taking USD, OR customers in US. It's pretty simple.
by steveBK123 4y ago
Cryptobros are forgetting you can't run an unregistered derivatives exchange domiciled in US, OR taking USD, OR customers in US.
It's pretty simple.
- seydor 4y agopretty sure you can take USD, you can have USD bank accounts everywhere (Not subject to US regulation, Eurodollar is a thing)
- steveBK123 4y agoif you transact in dollars, prepare to be subject to the long arm of US securities law
- vkou 4y agoPretty sure any bank that ever wants to receive or send a USD wire transfer from/to any other bank needs to play ball with Uncle Sam.
- selectodude 4y agoDollars held outside the US are absolutely subject to US regulation. The banks themselves are not subject to US banking capital requirements because they have no access to the federal reserve. If you commit a US crime with a dollar held overseas, you still fall under US jurisdiction.
- steveBK123 4y agothe brightest minds of a generation, encoding financial crime in their fintech startups, because they couldn't be bothered to hire a lawyer or read any basic financial history or media in their life
- mrguyorama 4y agoNo, they're doing it because they think they are special and clever and the US can't touch them. They wouldn't be having these discussions if they weren't already aware of what the law asks of them.
- steveBK123 4y agoYeah that's even dumber then. Understand enough to know they are breaking laws, but think they'll get away with it.
- lottin 4y ago> If you commit a US crime with a dollar held overseas, you still fall under US jurisdiction. This sentence doesn't make any sense.
- csomar 4y agoI know right? But believe the Parent Poster, that's actually the case!
- alphanullmeric 4y agoGood thing sufficiently decentralized exchanges continue to serve US customers without interference from the government.
- JumpCrisscross 4y ago> Good thing sufficiently decentralized exchanges continue to serve US customers without interference from the government As they should be. If they aren't laundering money for Russian criminals and designated terrorist organizations. FinCEN seems to be on top of working to segregate compliant from non-compliant decentralized exchanges, as well as the people using and developing them.
- steveBK123 4y agoThe discussions they had.. in electronic form.. about Hamas buying AK47s and how its not money laundering if the dollar figure is small enough were.. illuminating. This is basic stuff covered in AML training for any bank intern at a 3rd string bank 20 years ago. Just incredible.
- transcriptase 4y agoQuite the spectacle to watch the crypto space go from pure libertarian idealism to basically speed-running the reimplementation of every banking regulation developed in the last 200 years… after people exploit their absence to defraud everyone they can as quickly as possible. It’s almost as if modern finance is regulated for a reason.
- matheusmoreira 4y ago> Quite the spectacle to watch the crypto space go The crypto exchange space. Exchanges are really just unregulated banks in disguise: all the drawbacks and none of the benefits. They're the very same centralized banking intitutions cryptocurrencies were supposed to put an end to.
- 4y ago