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Shouldn't the free market correct this if it is, in fact, so widespread and risk free? Why would the cryptobros not just band together and make their own bank?
by drpossum 2y ago
Shouldn't the free market correct this if it is, in fact, so widespread and risk free?
Why would the cryptobros not just band together and make their own bank? It wouldn't be for lack of funds. And if what they want to do is within the law and regulation, then there is no legal way to prevent them. Blockading in that way would very likely make it all the way to the Supreme Court.
Do you feel a particular consumer bank closing an account because it's doing "business" business in a way the bank is not prepared to handle is too egregious and they should assume all (historically precedented) risk and penalties for not enforcing documented anti money laundering regulations for any and all circumstances?
Or is it possibly because this is not a real problem at the scope you are credulously trying to present it to be and this is consistently conflated with misusing an account where they can just move someplace else and have another account as long as they act like a normal person?