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RE: Why ICOs Will Revolutionize Crowdfunding

in #ico • 9 years ago

Yes, US laws are very restrictive concerning investment, but a lot of it has to do with "anti-terrorism" bullshit. The anti-terrorism propaganda has affected legislation a LOT. The terrorism argument is one of the biggest hurdles to crypto adoption here.

9 years ago in #ico by
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     9 years ago 

    I didn't hear anything about anti-terrorism and I don't see what it has to do with investing or crowdfunding. I'm not sure I follow.

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       9 years ago 

      AML/KYC laws are there to prevent money laundering. The biggest issue with encryption is that governments don't know "who" is doing what with capital.

      That is why you had David Cameron coming out talking about trying to get rid of encryption altogether.

      If you haven't heard any of the anti-terrorism rhetoric associated with digital currency, you have to go back to 2014/2015 when ISIS was emerging into the mainstream. It's not a recent conversation.

      I have been in the crypto scene for a while, so the evolution I am talking about isn't something that happened in 2016. I have been in crypto since 2011, and been a developer since 2014.

      The issue with "terrorism" and "crowdfunding" or "investing" is that money can be laundered if invested through non AML/KYC channels.

      The entire crypto industry was not using AML/KYC standards up until about 2015, so there is absolutely no way to know in fact if any terrorism got funded by crypto, or how much. In that regard, the number could be 0 just as well, but without data, it is a hypothetical framing used to scare people into restrictive legislation.

      So, it's not that the terrorists are ACTUALLY using crypto...that is what the US government/UK governments were saying in 2013/2014 to try to scare people away from adoption.

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