Coinbase Inc. COIN CEO Brian Armstrong has called on the newly established Department of Government Efficiency (D.O.G.E.) to tackle what he describes as a glaring failure of global Anti-Money Laundering (AML) regulations.
What Happened: “Anti-Money Laundering (AML) regulations have been a policy failure,” Armstrong wrote on Saturday on X, noting that these regulations cost an estimated $213 billion annually while only stopping about 0.2% of illicit activity according to United Nations data.
“Sounds like a job for @DOGE,” he added, referring to the agency created under the Trump administration to streamline regulatory inefficiencies.
The Coinbase CEO responded to a tweet highlighting how financial institutions are pressured to police money laundering at the expense of legitimate accounts.
Armstrong’s comments echo growing concerns in the financial sector about the unintended consequences of AML policies, which…
