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Comment by SoftTalker | Hacker News Reader

> Instead of policing crypto platforms and exchanges, Trump’s DOJ will “focus on prosecuting individuals who victimize digital asset investors, or those who use digital assets in furtherance of criminal offenses such as terrorism, narcotics and human trafficking, organized crime, hacking, and cartel financing.”

Wonder if this hints at possibly reducing or relaxing KYC rules also?

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> Wonder if this hints at possibly reducing or relaxing KYC rules also?

Good call, I would assume so. KYC helps prevent money laundering, bribes and a ton of other illegal transactions. Eliminating it would line up with other actions performed by this admin.

On the other side KYC rules and enforcement can be anything from annoying to downright asinine (and not just for banks).

I'd prefer if governments would take a step back and invest into enforcing actual crimes themselves and not just stick with money laundering charges because these are easier to prove. It was already bad under Al Capone (who got nabbed for taxes instead of murder), and it's way worse today.

Right, that was more my line of thinking. Possession of >$10,000 in cash should not be a crime or assumed to be evidence of one.

Civil forfeiture is even worse, indeed. Legalized highway robbery.

You should also be able to go into a bank and deposit $10k in cash without an anal exam or mandatory reporting to the federal government.

At minimum all of these rules should be inflation-adjusted.

It's not, it's just audited. If you go to the bank and give them 10,000 dollars they don't lock you up. They just have one of their people do some research and ask you for some paperwork.

Now, the police seizing money is different, but the police are the police. They can do almost anything they want, and you have next to zero recourse. Of course, they're going to abuse this and steal your money.

AI Capone is a great name for a crypto trading bot, thanks for the idea.

Since KYC is a major tool for spotting the use of assets for criminal purposes, I would not expect it to be reduced.

They're going to make stablecoins mostly exempt from KYC.

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