If the Warren-Marshall legislation fails the required test, will it do more harm than good? After all, money laundering is terrible. Shouldn’t that bill be passed even if it only helps the fringes? This is where the harms of the legislation, which requires those who develop software and validate transactions on a blockchain to register as financial institutions, are very problematic. The problem is that these individuals cannot practically register as a financial institution. The authors of this legislation know this and further know that requiring software developers and validators to participate in the same type of multi-million dollar compliance regime that banks do will destroy the crypto economy. , which, after all, is the point.
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