Opinion: Elizabeth Warren is trying to kill your portfolio — and she's looking for help from strange bedfellows.
that would impose strict industrywide KYC requirements. She is even attracting cautious support from banking lobbyists.
The problem isn’t with Warren’s overarching concerns. Web3 should be accountable for filtering out bad actors. It’s that clumsy policy implementation risks damaging the nascent industry irreparably. For example, Warren’s proposed KYC/AML legislation appears to indiscriminately target almost every touchpoint in crypto, including validators. It could severely undermine network decentralization, arguably Web3’s most essential feature.
Web3 isn’t out of options. Emerging technologies are creating new ways to address policy concerns without compromising crypto’s core values. For example, zero-knowledge identity proofs promise seamless on-chain KYC/AML checks that respect users’ privacy. Meanwhile, blockchain intelligence platforms, such as Chainalys have been a boon for financial crime enforcement agencies.
The industry should stop burning political capital on resisting KYC/AML requirements altogether. Instead, we need to start attacking these challenges ourselves — or Warren’s army will.is the founder and CEO of Umami Labs and worked as an early contributor to Umami DAO. Prior to Umami Labs, he worked for seven years as a financial journalist at Reuters, where he covered M&As and IPOs.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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