Oh, the drama! It appears our dear friends at Coinbase are positively beseeching the U.S. Treasury. Apparently, a little thing like…stopping illicit finance…is proving frightfully inconvenient. One truly feels for them, you know? 🎭
Coinbase Urges Treasury to Modernize AML Rules Using AI and Blockchain
Coinbase Global Inc. (Nasdaq: COIN) – a name that positively sings of modernity – has dispatched a missive to the Treasury, suggesting they embrace the latest gadgets – blockchain analytics, artificial intelligence (AI), and something called ‘decentralized identity’ (sounds dreadfully complicated) – to sort out this messy business of money laundering. Apparently, it’s all frightfully archaic at the moment. They assure us, naturally, that this won’t, perish the thought, stifle “innovation” or allow other countries to steal a march on our precious fintech dominance. One hopes they’ve considered the implications.
Their Chief Legal Officer, a Mr. Paul Grewal, insists that these newfangled contraptions – blockchain and ‘zero-knowledge proofs’ (even more complicated!) – will reduce “data risks” and make things more…accurate. Goodness. He seems rather keen on safe-harbor provisions, regulatory clarity, and recognizing this “DiD” business as perfectly acceptable identification. Honestly, the audacity! They even want a “sandbox” to play with. It’s all very youthful and energetic, isn’t it? Coinbase exclaimed:
We urge Treasury and Congress to prioritize enforcement efforts against non-compliant offshore entities and to modernize outdated regulatory frameworks, leveraging blockchain’s inherent transparency and emerging privacy-preserving technologies.
“By fostering collaboration between industry and regulators, we can enhance the effectiveness of AML efforts, protect consumer privacy, and ensure the United States remains a leader in responsible digital asset innovation.” One suspects “responsible” is doing a lot of heavy lifting in that sentence.😇
The company then helpfully reminded everyone that joint efforts are key – regulators and industry working together. They noted:
“Regulators can better support the fight against illicit finance by focusing on certain industry participants’ non-compliance with existing regulations, ensuring consistent enforcement efforts, and supporting the adoption of decentralized identity tools.”
“In turn, industry should be willing to work with governments to develop sound, constructive regulations.” Most generous, truly. They assure us these reforms will maintain the U.S.’s leading position, and improve efficiency. A tidy outcome, wouldn’t you say? 🧐
FAQ 🧭
- How does Coinbase propose modernizing AML compliance?
Essentially, they want AI, blockchain, and a new ID system – rather like telling the constabulary to use computers, really. - What regulatory changes is Coinbase asking the Treasury to implement?
Protection from prosecution for using their toys, clarity on the rules, and acceptance of their newfangled ID system. All perfectly reasonable, naturally. - Why is Coinbase pushing for AML innovation now?
Because being a global leader in digital finance requires… well, not being associated with criminals. A rather sensible ambition, all things considered. - What role does decentralized identity play in Coinbase’s proposal?
Apparently, it allows privacy while complying with the rules. A magical solution, if you ask me.🪄
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2025-10-23 06:30