Thursday mailbag: Financial Frankensteins?
Main Idea
The article discusses the implications of regulatory fears on banks and DAOs, highlighting concerns about money laundering, the autonomy of DAOs, and the role of banks in deciding whom to serve.
Key Points
1. Roman Storm criticized the DOJ's partial verdict against him, arguing that money transmitter laws don't apply to non-custodial services like Tornado Cash.
2. Banks spend over $200 billion annually on financial crime compliance, incentivizing them to avoid risky clients, including crypto companies.
3. DAOs, described as 'golems,' could operate autonomously without human oversight, raising legal and ethical questions about accountability.
4. Google reported that hackers target crypto and cloud-based systems due to the concentration of data and money, with crypto being particularly vulnerable.
5. Peter Conti-Brown defends banks' right to choose clients, framing 'debanking' as a free market decision rather than discrimination.
Description
What happens when banks fear regulators and DAOs fear no one
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