Coinbase chief Brian Armstrong says that the US government’s efforts to curb money laundering have been a failure and a misuse of public funds.
In a post on the social media platform X, Armstrong says that the US anti-money laundering (AML) policies should be reviewed by President-elect Donald Trump’s proposed Department of Government Efficiency (DOGE) – a new agency that aims to reduce government waste.
“Anti Money Laundering (AML) regulations have been a policy failure.
They cost ~$213 billion annually, harm legitimate consumers (as we’ve seen with these de-banking stories), and only manage to stop ~0.2% of illicit activity according to the UN.
Sounds like a job for DOGE.”
Armstrong also suggests having a “sunset provision” on all laws to automatically retire them after a certain amount of time unless Congress votes to keep them.
The Coinbase CEO also shares data that only 0.05% to 0.2% of criminal proceeds are intercepted, indicating that over 99% of illicit funds successfully evade detection. In addition, banks have shelled out $321 billion in fines since 2008 for compliance failures and crimes related to money laundering.
Armstrong recently alleged that Massachusetts Senator Elizabeth Warren was likely involved in the de-banking of 30 tech and crypto founders.
“Can confirm this is true. It was one of the most unethical and un-American things that happened in the Biden administration, and my guess is we’ll find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware).”
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